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Borrower Eligibility
  • All reverse mortgage borrowers must be 62 and older
  • Must own property and occupy as primary residence
  • Participate in an information counseling session
  • Property must meet FHA property standards
  • Maintain home with needed repairs, property taxes and insurance
Loan Amount Based On
  • Age of youngest borrower
  • Current interest rate
  • Lesser of appraised value or the FHA insurance limit


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Reverse Mortgage Information

Reverse Mortgages are programs designed to enable senior homeowners 62 years and older to convert part of their home equity into cash. They can do this without having to sell their home or give up the title. Seniors do not have to take on any new mortgage payments either. Instead of making monthly payments to a lender, the reverse mortgage lender makes payments to the senior homeowner.

How Much Can You Get

Estimated proceeds from reverse mortgages can be calculated on a reverse mortgage calculator using several factors including age, interest rate, value of the home and location of the property in question. Reverse mortgage proceeds are completely tax-free and most of the time will not effect social security or Medicare benefits seniors may already be receiving. Borrowers have the option to collect their money as a lump sum, as a line of credit or receive the money through monthly payments for as long as the home remains occupied as the primary residence of the senior citizen.

Lending Limits

Reverse Mortgages do not allow you to release the full equity from your home. HUD and the FHA have imposed lending limits on the amount that lenders can give depending on the location of the property. This means that the amount of the loan will be less then the value of the home depending on the percent approved by the FHA for your area. Recently the HUD and FHA lending limits have been greatly increased with the passing of the American Recovery and Reinvestment Act of 2009. You can use our reverse mortgage calculator to get an estimate of how much money you are eligible to receive or you can call 1-800-407-6365 for a more detailed quote and information.

Myths and Misconceptions

Like any other great product, reverse mortgages have their share of myths and misconceptions. While most of the myths and misconceptions are untrue, reverse mortgages are not for everyone. Seniors considering this product should talk to a knowledgeable friend, specialist or counselor to get information about how they truly work without the false myths and misconceptions.

Pros vs. Cons, Advantages vs. Disadvantages, Benefits vs. Pitfalls

There are both pros and cons, benefits and disadvantages to reverse mortgages. Pros or benefits are that they do not need to be repaid during the lifetime of the borrower. Further, the FHA's (Federal Housing Authority) HUD (Housing and Urban Development) division insure reverse mortgages under their HECM program (Home Equity Conversion Mortgages). Seniors get to live in their home until they pass away. Let's also not forget about the handy HECM monthly payment checks that the seniors receive. Seniors often use a reverse mortgage calculator to estimate how much money they can get.

Disadvantages or pitfalls include the limits set by the FHA that prevent reverse mortgage lenders from giving you the full value of the house. There are also interest rates applicable and the closing costs are higher then that of regular mortgages but more lenders are starting to waive some of their fees. Additionally like all other programs, it eats up the equity of the home which leaves less inheritance. Further reverse mortgage information can be obtained from a counseling specialist.

Counseling and Seminars

As mentioned above, reverse mortgages are a great savior for many seniors yet they are not for everyone. For this reason HUD makes counseling mandatory for all seniors looking to take out a HECM. By talking over the pros, cons, advantages, disadvantages, benefits and pitfalls with an approved HUD counselor and specialist, a senior can decide if a reverse mortgage is good for them. Going through a counseling session is also a good way to get more information about interest rates, lending limits, closing costs, fees, programs, prices and lenders of the HECM. A HUD approved counselor should be able to give you all this info, facts and rules, kind of like an education guide. Before taking a counseling session from an expert specialist, seniors can attend a reverse mortgage seminar. These seminars can provide the basic facts, faq and information about the HECM.

Conclusion

Many thousands of home owning senior citizens across America have been able to improve their quality of life using reverse mortgages taken from industry lenders. The money received as payments from the lender need not be repaid up front and is completely tax-free.

News and Updates

Fixed Rate Reverse Mortgages are very popular these days and have been gaining popularity ever since the program was launched. A Reverse Mortgage can now be taken out for the purpose of home purchase. These purchase plans are great for seniors looking to downsize on their residential dwellings and cut costs. They are able to purchase a new home without making a down payment or taking another mortgage. Thus the benefits are many and this website can be used as an education guide to explore the many facets before contacting one of the listed reverse mortgage lenders for further info and counseling.

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Read Our Articles
Reverse Mortgage Loans for Senior Citizens
Instant Online Internet Web Calculator
Various Programs on the Web News
A Price Counselor Counseling Consultant
Finding A Reverse Mortgage Cost and Fee Specialist
Seminar: Problems With RM Products
pros, cons, benefits, disadvantages & pitfalls
Age Formula for Rate Calculations
Reversemortgage, Reverse Mortages and Morgages
Myths, Misconceptions & Limits of the Industry
Application Qualifications to Needed to Apply
Education Guide, Facts & Rules for the Dummy
What is a Reverse Mortgage, Definition, Guidelines, About & FAQ
Using a Rate and Payment Calculator
Company and Broker Comparison
Affordable Reverse Mortgages from Banks & American Government
Lending, Interest Rates and Line of Credit
Reversed Mortgage Guide for Reversed Mortgages
Statistics Provider Proves The Market Works
Closing Costs of Refinance / Refinancing
Reverse Annuity and Home Equity Conversion Mortgage
FHA Legislation Creates Insurance for HUD Reverse Mortgages
Leads for Lenders, Agents and Brokers
HECM Home Equity Mortgage Loan

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