Reverse the Future
What is a Reverse Mortgage?
A Reverse Mortgage is a type of home loan that lets you convert a portion of the equity in your home without having to sell the home, give up title or take on a new monthly mortgage payment. It is also known as a HECM. The money you receive can be used for any purpose you choose. The program has been around for 27 years and is insured by the Federal Housing Administration.
Based on the final totals in the 2015 calendar year, 945,287 Senior Citizens have benefited from the FHA insured Reverse Mortgage since the program began in 1989. Although the program has been in existence for twenty seven ears, almost one third of the loans been done in just the past five years. That total is 293,058 Reverse Mortgages. These numbers show how popular the program has become for many senior citizens in the recent past.
To learn more about how Reverse Mortgages work, please click here.
Reverse Mortgages Resources
- HUD Website - Reverse Mortgages for Seniors
- HUD Website - Top 10 things to know about Reverse Mortgages
- AARP Website - Reverse Mortgages
- Home Made Money: A Consumers Guide to Reverse Mortgages
- It is also available in Spanish, "Dinero hecho en casa"
- National Council On Aging (NCOA)
- Use Your Home to Stay at Home
The Seniors Home Reverse Mortgage Blog
There is a downside to this wonderful news.