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
What is HARP and do I qualify for a HARP loan?Over 800,000 households are still eligible to refinance under the federal HARP program. Are you one of them?
Mortgage Rates Radar 08/23/2016: Mortgage rates show little movementHSH.com releases its latest Weekly Mortgage Rates Radar showing another period of virtually no change in popular mortgage rates in the seven-day period ending August 23, as financial markets are quiet as the summer winds toward its unofficial close. 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).
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The salary you must earn to buy a home in 27 metrosHere’s how much salary you would need to earn in order to afford the median-priced home in your city.
Mortgage Rates Radar 08/16/2016: Mortgage rates in slight retreat againHSH.com releases its latest Weekly Mortgage Rates Radar showing a small dip in popular mortgage rates during the seven-day period ending August 16, as markets seem to be mostly stuck in neutral as 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).