 Reverse Mortgage Resources
AARP
National Reverse Mortgage Lenders Association
HUD
National Council on Aging
Federal Trade Commission
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Reverse MortgagesReverse Mortgages are an increasingly popular way for seniors to supplement their retirement, offering a low-risk option for accessing cash based on the equity accumulated in their home. A reverse mortgage loan allows homeowners 62 and older to stay in their homes and convert a portion of their home equity into tax-free loan proceeds. No repayment is required as long as you live in the home as your primary residence, maintain it according to FHA requirements, and continue to pay required property taxes and homeowners insurance. The term reverse mortgage can be used to describe a private reverse mortgage or a government-insured reverse mortgage, so be sure to understand the difference. Only the reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage or HECM reverse mortgage. The HECM is only available through a FHA-approved lender (like Genworth Financial Home Equity Access, Inc.) and it comes with borrower safeguards like required loan counseling, mortgage insurance, a 3-day right of rescission, and caps on fees and some interest rates. Homeowners Get Reverse Mortgages To:Improve retirement cash flow
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