dcsimg
We research, you save.
Got Questions On Rates? (855) 610-2972

What's happening with home prices in the 100 largest metropolitan areas? See HSH's updated "Home Price Recovery Index" to find out!

Reverse Mortgage Information

HSH.com

New! Need a Reverse Mortgage Now! Click Here

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.

General Information

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.

The National Reverse Mortgage Lenders Association, a lender trade group also has useful information and a calculator for Reverse Mortgages/Home Equity Conversion Mortgages.

More help from HSH.com

  • 10 metros where a home costs about $1,000/month

    HSH.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.
  • Home price recovery index: Which metros have improved the most, least?

    Have home prices in your area fully recovered from the declines suffered during the Great Recession, or are they still struggling to make it back to the peaks they reached before the crisis?
  • How do I know refinancing will be affordable?

    After to determine the goal of your refinance, deciding whether that goal makes sense (or not), given your personal situation, depends on a combination of factors.
  • The salary you must earn to buy a home in 27 metros

    Here’s how much salary you would need to earn in order to afford the median-priced home in your city.
  • VA Funding Fee: 5 facts you need to know

    One slight drawback of securing a VA loan is that borrowers often have to pay a fee, known as the “VA Funding Fee.” Here are five facts you need to know about the VA Funding Fee and how it works.