**What is a reverse mortgage? A reverse mortgage is a special type of home loan that lets homeowner

What is a reverse mortgage?

A reverse mortgage is a special type of home loan that lets homeowners convert part of their home’s equity into cash to supplement their income. The equity the homeowner built up over years of making mortgage payments can be received as a lump sum, in a stream of payments, or as a credit line that the homeowner can draw from whenever he or she desires. Unlike a traditional home equity loan or second mortgage, no repayment is required until the borrowers no longer use the home as their principal residence. The most popular reverse mortgage is the Home Equity Conversion Mortgage (HECM), guaranteed by the Department of Housing and Urban Development (HUD) and insured by the Federal Housing Administration (FHA).

How do I qualify for the HECM?

To be eligible for a Home Equity Conversion Mortgage, FHA requires that you be a homeowner age 62 or older, either own your home free and clear or have a small to medium-sized outstanding mortgage balance, and that you speak with a HUD-approved counselor to make sure you understand how a reverse mortgage works.
There are no income or credit requirements.

What if I didn’t buy my home with an FHA mortgage?

Your property must meet FHA minimum standards, but it doesn’t matter if you didn’t buy it with an FHA-insured mortgage.

For more detailed answers as well as many other frequently asked questions and answer

You can speak to a representative, calculate your benefits, or get a free quote and planning guide

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