| ............................................................................... Reverse mortgages allow senior homeowners to borrow against
your home equity and receive payments. This type of reverse mortgage loan is also know as
a home equity conversion mortgage or HECM
Here are some payment options of the HUD reverse
mortgage loan:
- Reverse mortgage lump sum payment
- Reverse mortgage monthly basis (fixed term or as long
as you live in home)
- Reverse mortgage with occassional payout basis as a
line of credit
Basic qualifying guidelines of FHA / HUD reverse
mortgages:
- Must be 62 or older
- Must have little or no money owed on current home
- No asset or income limitations
- No limits on the value of the homes used for
qualifying for a reverse mortgage
How the FHA / HUD reverse mortgages works:
Borrowers are not required to make repayments on the
reverse mortgage loan as long as the borrower lives in the home. Reverse mortgage lenders
recover the amount loaned on the reverse mortgage when the home is sold. If the sales
proceeds are insufficent to pay the reverse mortgage balance, HUD pays the mortgage lender
the amount of the shortfall.
The size of reverse mortgage loans is determined by the borrower's
age, the interest rate, and the home's value. The older a borrower, the larger the
percentage of the home's value that can be borrowed.
Get a Referral to a HUD Reverse Mortgage Lender
Additional Reverse Mortgage Information
Download Reverse Mortgage Guides
Reverse Mortgage Calculator
Websites on Reverse Mortgages:
If you know of any family, friends, or co-workers that may be
interested in Reverse mortgages  Refer this page
*FHA Loan Limits vary by area.
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