What is a Reverse Mortgage?
A reverse mortgage is a government insured home loan that allows you to convert a portion of the equity in your home into cash. The equity that built up over the years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence or fail to meet the requirements of the mortgage.
How can I qualify for a Reverse Mortgage?
Homeowners 62 years of age or older that have built up equity in their home and live in it as their primary residence are eligible for a Reverse Mortgage.
Reverse Mortgage Counseling
To be certain you understand all aspects of a reverse mortgage, the government requires you to undergo an independent, unbiased counseling session with a U.S. Housing and Urban Development (HUD) approved counselor. This can be done in person or over the phone.