FALSE. You retain full title and ownership. The lender only has a lien — just like any mortgage. You can sell the home anytime and keep the remaining equity.
FALSE for HECM loans. HECM reverse mortgages are non-recourse loans — the FHA insurance guarantees you or your heirs will never owe more than the home's value at repayment, even if the loan balance exceeds it.
FALSE. You can have an existing mortgage — the reverse mortgage pays it off first. Any remaining proceeds are yours to use.
FALSE. Heirs can keep the home by paying 95% of appraised value or the loan balance — whichever is less. They can also sell and keep remaining equity.