Reverse Mortgages A reverse mortgage is a unique type of loan used by older American to convert the equity in their homes into cash.  The money from a reverse mortgage can provide seniors with the financial security they need to fully enjoy their retirement years.  The reverse mortgage has earned its name because the payment stream is “reversed” instead of making monthly payment to a lender, as with a regular first mortgage or home equity loan.  You have the choice of receiving a lump sum or monthly months or drawing on a line of credit.  Money from a reverse mortgage can be used for anything from daily living expenses to home repair and home modifications.  Although borrowers don’t make monthly payments, borrowers must continue to pay their property taxes, property insurance, and any HOA dues.
 
Reverse Mortgage Qualifications
 
To qualify for a reverse mortgage you must be at least 62 years of age and own your own home. You may be eligible to a reverse mortgage even if you still owe money on a first or second mortgage.  Many seniors get a reverse mortgage to pay off a first mortgage.

* These materials are not from HUD or FHA and were not approved by HUD or a government agency.
* TILA regulation requires that the terms of credit must be accurate, clear, balanced and conspicuous. The borrower may also choose to receive a combination of monthly installments and a line of credit.
* New regulation requires mortgagees to perform a thorough financial assessment of prospective borrowers.
 
 
 

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