Reverse Mortgage Information
Reverse Mortgage / Home Equity Conversion Mortgage Information
In a nutshell:
A reverse mortgage (RM) is a loan in which a lender pays you while you continue to live in your home. The payments can be made monthly, or in a lump sum, or in the form of a line of credit. You don't have to pay it back while you still live in your home.
To be eligible for a reverse mortgage, you must own your home. The amount you may borrow is generally based on your age (62 is typical), how much home equity you have, and the loan rate.
As a reverse mortgage borrower, you do not give up title to your home, and the money from an RM can be used for any purpose. However, you are responsible for paying all real estate taxes and maintaining your home.
Top Ten Things To Know If You're Interested In A Reverse Mortgage -- the most frequently asked questions about reverse mortgages. (HUD)
Reverse Mortgages: Cashing in on Home Ownership -- Facts to consider; safeguards; resources; and how to file a complaint about an RM provider. (FTC)
How HUD's Reverse Mortgage Program Works. The latest information is available at HUD's master page of information about Home Equity Conversion Mortgages (HECM), the FHA-insured reverse mortgage program.
HUD's Lender Locator lets you find a HUD-approved Reverse Mortgage lender in your area.
Extensive info on RMs is available at this AARP site.
More help from HSH.com
Can I refinance an FHA second property through HARP?You should know that lenders are free to do their own "overlays" as to which programs and borrower criteria they will write loans for.
Advantages of a FHA mortgage in 2016FHA loans have become more affordable in 2015, thanks to a drop in the annual mortgage insurance premium that the Federal Housing Administration charges.
10 metros where a home costs about $1,000/monthHSH.com identifies 10 metro areas where you can afford the principal, interest, taxes and insurance payments on a median-priced home for only around $1,000 per month.
HSH.com on the latest move by the Federal ReserveThe Federal Reserve concluded a meeting today with no change to the federal funds rate and no changes to other monetary policy tools.
Mortgage Rates Radar 09/13/2016: Despite Fed concern, mortgage rates holding steadyHSH.com releases its latest Weekly Mortgage Rates Radar showing a slight increase in popular mortgage rates during the seven-day period ending September 13, as concerns that the Federal Reserve may make a move at next week's meeting have to buffeted the financial markets of late. The Weekly Mortgage Rates Radar reports the average rates and points offered by lenders for the two most popular types of mortgages, the conforming 30-year fixed-rate mortgage and the conforming 5/1 adjustable-rate mortgage (ARM).