Reverse Mortgage Info

A reverse mortage allows homeowners 62 years of age and older to borrow against the equity in their homes. With a reverse mortgage, the bank or lender of the reverse mortgage makes payments to the homeowner. Reverse mortgage payments can be made in a lump sum, in regular installments, or can be taken as a line of credit. Generally speaking, the more valuable the home and the older the borrower is, the more money a reverse mortgage borrower can receive. In order to qualify for a reverse mortgage loan, homeowners must be 62 years or older and own their home free and clear (or any and all existing loans or liens must be paid with the proceeds of the reverse mortgage).

Types of reverse mortgages:

  • single-purpose reverse mortgages, offered by some state and local government agencies and nonprofit organizations
  • federally-insured reverse mortgages, known as Home Equity Conversion Mortgages and backed by the U. S. Department of Housing and Urban Development (HUD)
  • proprietary reverse mortgages, private loans that are backed by the companies that develop the

Reverse Mortgage Lenders

*Reverse Mortgage Lenders: please contact us to add your company to our directory of Reverse Mortgage Lenders

More reverse mortgage info can be found at FTC.gov, Hud.gov and the National Reverse Mortgage Lenders Association