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  • All borrowers must be 62 and older
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  • Lesser of appraised value or the FHA insurance limit


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The Ultimate Guide for Reversed Mortgage Loans

Reversed mortgages have lately become extremely popular amongst American senior citizens. There are many rumors and misconceptions about reversed mortgage loans that stem from a lack of knowledge. This reversed mortgage guide will hopefully give a full explanation of this loan and clear away any myths of the program:

  1. Reversed mortgage loans are for senior homeowners that are lacking liquid cash. Many of America’s seniors have equity on their homes, but they lack hard cold cash to support their lifestyles. Reversed mortgages are a loan program backed by the American government that enables seniors to generate cash from their homes. What differentiates reversed mortgages from other mortgages is that the ONLY time this loan is repaid is when the house is sold. In most cases, this only happens when the individual dies or permanently moves out of the home.

  2. The federal government backs reversed mortgages loans. There are actually three types of reversed mortgages: (a) single-purpose reversed mortgages given by state and local governments, (b) proprietary reversed mortgage programs funded by private mortgage lenders, and (c) Home Equity Conversion Mortgages reversed mortgages that are backed by the federal government (through the Federal Housing Authority of the Department of Housing and Urban Development - HUD).

    Private lenders are the ones that issue and finance HECM reversed mortgages. Most seniors only bother to apply with HECM reversed mortgages, precisely because they are relatively more affordable. The debt is also non-recourse and cannot be passed on to the heirs of the borrower. When the sale proceeds of the house are not enough to cover the reversed mortgage loan (principal plus interest), the FHA pays the lender the remaining balance through the housing insurance taken out by the borrower.

  3. There is no reason to rush into a reversed mortgage loan. The federal government is strict about its guidelines on reversed mortgages. If you want to take out a loan, you need to first talk to a reversed mortgage counselor before you approach any lender. Although it is receiving a lot of good press news, the fact is, reversed mortgages may not be the best solution for your particular solution. Your reversed mortgage counselor will guide you through the reversed mortgage program. He or she will also help you explore other financing options besides reversed mortgages.

  4. The older you are, the more money you can get. The amount of money you can get from your reversed mortgage application is dependent on your age and the fair market value of your home. This leads to two indisputable facts: (a) the older you are, the more money you can get, and (b) the higher the value of your home, the larger the loan you will get. Use our reverse mortgage calculator to see how much you can get.

  5. Your heirs will not inherit your debt. Since reversed mortgages are non-recourse loans, your heirs will not be held liable for its payment. Your reversed mortgage loan will only be repaid when your house is sold or refinanced.

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