Reverse mortgages are increasing in popularity with seniors 62 and over who have equity in their homes. A reverse mortgage enables you to withdraw a portion of your home's equity to supplement your income, or to purchase a home. There are no monthly principal and interest payments. The only reverse mortgage insured by the US Federal Government is called a Home Equity Conversion Mortgage (HECM) and is only available through an FHA approved lender. If you've considered a reverse mortgage, you obviously have questions. Get experienced, impartial answers from your HUD-approved housing counseling agency.
1 HUD Office of Housing Counseling
Is a Reverse Mortgage Right for You?
There are a number of things to consider when deciding if a reverse mortgage is the right choice for you. That's why in order to qualify for an FHA HECM loan, participation in HUD-approved housing counseling is required. You'll understand how reverse mortgages work, what to expect during the process, and what to look for in a lender. You'll have the information you need to make informed decisions.
|How it Works
- The difference between a reverse mortgage and a home equity loan
- The various types of reverse mortgages
- Fees and costs associated with reverse mortgages
- Financial and tax implications
|Things to Consider
- Are you 62 or older?
- How much equity do you have in your home?
- HECM calculator
- How much more money do you need monthly?
- How long do you plan to stay in your home?
|Get the Answers You Need
- The right reverse mortgage for you
- Repayment of a reverse mortgage
- What you need to know before shopping for a reverse mortgage
- Services that can help you plan, budget and maintain your independence
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