#hud reverse mortgage
Reverse HUD Mortgage
Enjoy A More Comfortable Retirement In Your Own Home
An Online Resource for Reverse Mortgage Information
Reverse HUD Mortgage is provided as a resource to help explain many of the aspects, both positive and negative, of reverse mortgages for homeowners aged 62 and older. Our goal is to provide helpful information and tools for senior citizens who might be considering a reverse mortgage and want to make a knowledgeable, well-informed decision.
What is a Reverse Mortgage?
Reverse mortgages are a particular type of mortgage loan that is insured by the FHA (Federal Housing Administration) and is available only to homeowners aged 62 or older. A reverse mortgage is unique from other types of mortgages because it is a loan that does not become due for as long as the homeowner resides in their primary residence.
Qualified homeowners may use a reverse mortgage to pay off an existing mortgage loan and cease making monthly payments. Other common reasons for which many senior homeowners choose a reverse mortgage are to pay for medical expenses and the costs of daily living.
Make The Most Of Your Retirement Years
- Independence You continue to own and live in your home
- Liquidity Receive monthly payments instead of making them
- Simplicity No income, credit or employment requirements needed to qualify
- Ownership Your heirs can keep the property once the reverse mortgage is paid in full
- Choice You may receive funds as a lump sum, as a line of credit, in monthly installments, or as a lump sum plus monthly allotments
- Security A reverse mortgage does not affect your Social Security, Medicare or pension benefits and proceeds are tax-free!