You will always retain title and ownership of your home. Your home is used to secure the loan – just like a regular mortgage – you do not transfer home ownership to the bank and you remain on title as the homeowner.
Lending amounts are conservative. You may be able to borrow up to 55% of the value of the home. Your age, property type and property location will be taken into account. The older you are, the higher the loan amount you can qualify for. This is done so that the reverse mortgage doesn’t exceed the value of the home.