• Maximum lending limit varies per county, Milwaukee is 219,545
• Homes that qualify are single family detached, condominium, manufactured home, planned unit development, one to four rental unit if it is owner occupied
• Government insured so it can never be more than the value of the house
• 2 percent up front mortgage insurance premium that is financed into the loan
• Available to homeowners 62 and older
• no income requirements
• interest rate is adjusted monthly, yearly, or can be fixed under certain programs
• Monthly: lifetime cap of 10%; annually : 5% cap
• Rate is based on T-Bill interest rate plus margin (depends on program)
• Payments can be a lump sum, a line of credit, monthly income, or a combination of these
• Proceeds are not taxable
• Borrower can use proceeds without restriction (can’t pay for reverse mortgage advice)
• Balance on line of credit increases every year
• You can chose a limit on the mortgage length “term” or tenure, until you leave
• Closing and origination costs are included in the loan
• A 35 dollar mortgage servicing fee is added to the balance
• Usually does not affect social security or medicare eligibility
• Consultation with an approved HUD counselor is required
• Loan is due when home is no longer a primary residence

It is impossible to keep up with all the new regulations with reverse mortgages. I have tried to give you the basic rules so you understand the program. I recommend that you check a few other sites for help. here are a couple of them that will also help to answer questions

Reverse Mortgages

Wisconsin Reverse Mortgages

Dangers of Reverse Mortgages