The counselor also should be able to help you compare the costs of different types of reverse mortgages and tell you how different payment options, fees, and other costs affect the total cost of the loan over time. You can visit HUD for a list of counselors, or call the agency at 1-800-569-4287.

A reverse mortgage is a type of mortgage in which a homeowner borrows money against the value of their house, either in the form of a monthly payment or a line of credit. The borrower isn’t required to pay back the money, until he or she moves away, sells the property, or dies. Traditional residential mortgages operate in the opposite way ...

Whether a reverse mortgage is right for you is a big question. Consider all your options. You may qualify for less costly alternatives. The following organizations have more information: Reverse Mortgage Education Project AARP Foundation 601 E Street, NW Washington, DC 20049 www.aarp.org 1-800-209-8085 U. S. Department of Housing and Urban ...

With a reverse mortgage loan, the amount the homeowner owes to the lender goes up–not down–over time. This is because interest and fees are added to the loan balance each month. As your loan balance increases, your home equity decreases. A reverse mortgage loan is not free money. It is a loan where borrowed money + interest + fees each ...

A reverse mortgage enables you to withdraw a portion of your home's equity to supplement your income, or to purchase a home. There are no monthly principal and interest payments. The only reverse mortgage insured by the US Federal Government is called a Home Equity Conversion Mortgage (HECM) and is only available through an FHA approved lender ...

A reverse mortgage is a loan based on the paid-up current value, or equity, in your home. Unlike a conventional mortgage, your lender pays you — in monthly payments, through a variable line of credit or in a lump sum. You don't have to repay the loan until you sell your house, move or die.

A reverse mortgage is a type of loan that's reserved for seniors age 62 and older, and does not require monthly mortgage payments. Instead, the loan is repaid after the borrower moves out or dies.

The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM), and is only available through an FHA-approved lender. The HECM is FHA's reverse mortgage program that enables you to withdraw a portion of your home's equity. The amount that will be available for withdrawal varies by borrower ...

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Our reverse mortgage calculator can help you determine how much money you might qualify to receive in a lump-sum payment. No personal information is required to calculate your estimate. Start by inputting your property type, estimated home value, ZIP code, outstanding mortgage balance (if applicable) and the youngest co-borrower’s age (if ...

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A reverse mortgage is a loan for seniors age 62 and older. Home Equity Conversion Mortgages (HECMs), the most common type of reverse mortgage loans, allow homeowners to convert their home equity into cash with no monthly mortgage payments. 1. After obtaining a HECM, borrowers must continue to pay property taxes and insurance and maintain the ...

Reverse mortgage information: A reverse mortgage increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan). Reverse mortgage loan terms include occupying the home as your primary residence, maintaining the home, paying property taxes and homeowners insurance. Although these costs may be ...

A reverse mortgage is a loan that allows qualified homeowners who are age 62 or older to take part of their home’s equity as cash, either as a line of credit, or monthly or lump sum payment, or combo of a credit line and payments. But, unlike a standard mortgage loan, it requires no repayment until the borrower no longer occupies the residence.

A reverse mortgage is a mortgage loan, usually secured by a residential property, that enables the borrower to access the unencumbered value of the property. [clarification needed] The loans are typically promoted to older homeowners and typically do not require monthly mortgage payments.Borrowers are still responsible for property taxes or homeowner's insurance.

Accurate, Up to Date, Reverse Mortgage Information & Answers from ARLO™ We know that while researching what is a reverse mortgage, one can quickly encounter inaccurate and misleading information from the media and other sources.

The lender will add a “margin” to the index to determine the rate of interest actually being charged. The margin used in our calculator is 175 basis points (1.75%). You might find reverse mortgage originators that offer higher or lower margins and various credits on lender fees or closing costs.

The reverse mortgage industry is heavily regulated. These loans really are designed to give seniors retirement stability, and over the years the government has continuously refined the program to protect homeowners.