Most loans, including reverse mortgages, involve a certain degree of risk. Reverse mortgages are federally insured, non-recourse loans, which affords borrowers important protections because proceeds are guaranteed as agreed upon—even if the lender was to go bankrupt—and the borrower will never owe more than the outstanding loan balance of 95% of the appraised property value, whichever is less. Home safety appraisals, financial assessments, and mandated counseling are also designed to provide additional safeguards. However, any decision that can impact your financial future should be carefully considered, so it’s critical that you understand the terms of your loan before close and are fully aware of all that’s expected of you. At GoodLife, you can count on us to explain the fine print in great detail and discuss all applicable closing costs upfront to ensure you never feel caught off guard. We’ll patiently answer any questions you may have to make sure you feel safely informed every step of the way.