Join the presenters, Dr. Barbara Stucki and Jeffrey Taylor, and other participants following Wednesday's Live Virtual Seminar (1/30, 3:00 PM ET) as they share thoughts about the presentation.

To participate in the conversation, you must first register and log-in to this site. The handouts for this session are available starting 24 hours prior to the session in the downloads area, under today's session date and title.

On behalf of FPA, I'd like to thank Dr. Stucki and Jeffrey Taylor for their time today. We did have a few remaining questions from the session, they are listed below.

Peter writes:
It seems that the non FHA products may be better in the areas where the homes are worth a million. How do their fees differ from the FHA products?

Bill asks:
How does it work if the homeowner has deferred property taxes? 

Shantha inquires:
How can a reverse mortgage be used between parents and children as an estate planning tool?

James wants to know:
Is the Reverse Mortgage Interest Rate, fixed or variable?

Tia asks:
What is the procedures to pay off a loan before death/sale of home?

Catharine asks:
I am not totally clear - can you get a reverse mortgage and then also a HELine in case of additional cash needs? 

Kate Barnes:

On behalf of FPA, I'd like to thank Dr. Stucki and Jeffrey Taylor for their time today. We did have a few remaining questions from the session, they are listed below.

Peter writes:
It seems that the non FHA products may be better in the areas where the homes are worth a million. How do their fees differ from the FHA products?

Yes, Peter non-FHA products work better for home values that exceed $750,000. Their fees are tied to the amount of money a senior can access, normally 2% of the Principal Limit available based on home value and age.

Bill asks:
How does it work if the homeowner has deferred property taxes? 

A reverse mortgage can be originated using a deferred property tax agreement as long as it is suborniated to the 1st lien of the lender.

Shantha inquires:
How can a reverse mortgage be used between parents and children as an estate planning tool?

A reverse mortgage can be used to enable the parents to access a portion of their home equity for ongoing monthly expenses and not required the adult children to contribute any of their after tax income to assist in monthly house expenses. When the house is sold at death, moveout or sale the loan balance is paid off and the excess from the sales price is due to the estate or seniors if surviving.

James wants to know:
Is the Reverse Mortgage Interest Rate, fixed or variable?

Currently the most popular reverse mortgage is the monthly adjustable tied to either the 1 Month CMT or 1 Month LIBOR. The senior is eligibile for additional dollars as the interest rate is lower. Go to www.wellsrm.com for further calculations

Tia asks:
What is the procedures to pay off a loan before death/sale of home?

A reverse mortgage can be paid off at anytime. there are no prepayment penalties.

Catharine asks:
I am not totally clear - can you get a reverse mortgage and then also a HELine in case of additional cash needs? 

In all cases the reverse mortgage must be the 1st lien instrument. In order to apply for a HELOC loan that requires income and credit scores a lender would have to subordinate to the 1st lien. Better is to get a reverse mortgage and use the line of credit feature for additional funds from the reverse loan itself.