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A North Carolina reverse mortgage requires a consistent track record of low-cost fees and full loans for the senior citizen. Generally, the loan is backed by the Federal Housing Administration and loan levels are set at the federal minimum averages. The funds that are obtained by the loan are also protected as tax-free income and can be applied as monthly wages without affecting Medicare or Social Security benefits.

It is important to understand that throughout the United States, most reverse mortgages come with much higher fees than a traditional refinance or purchase. This applies to virtually every state in the U.S., and there is no real protection from the amount of fees a lender can charge. North Carolina is no exception to the rule, and fees will be based on the amount of home equity the borrower has in the home.

Keep in mind that a borrower must have a specific amount of equity in the home in order to be protected by the Federal Housing Administration. Certain guidelines are specifically set for the state of North Carolina before the government will insure a reverse mortgage. This should not hinder the senior citizen from considering exercising their option of using the untapped equity in the home.