What is a reverse mortgage and do I qualify?
A reverse mortgage is a unique loan that allows homeowner(s) 62 years of age and older to draw on the equity in their home, which is paid to the homeowner(s) in cash. The unique aspect of this loan is that it does not require repayment until the homeowner(s) no longer reside in the residence. Created by The U.S. Department of Housing and Urban Development (HUD), this federally insured private loan goes to help those in the senior population meet their financial needs and ease money worries for greater peace of mind.
Prior to applying for the loan, it is required that you are made aware of the terms and conditions of the loan through sources provided by HUD. Contact the Housing Counseling Clearinghouse at 1-800-569-4287 to obtain the name and telephone number of a HUD-approved counseling agency and a list of FHA approved lenders within your area.