Click on the Video below to see how Reverse Mortgages are Safer
A Reverse Mortgage is a federally insured government loan program specifically designed for homeowners age 62 and older. Reverse Mortgages are backed by the Federal Government with all costs and fees regulated by the U.S. Department of Housing and Urban Development (HUD) and managed by the Federal Housing Administration (FHA). In 2014, major legislative changes were implemented to both enhance the program and better protect the homeowner, thus evolving the Reverse Mortgage into one of the safest mortgage products available today.
A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash, tax free. Unlike a traditional home equity line or second mortgage, reverse mortgage borrowers do not have to repay the reverse mortgage until: