Most reverse mortgages have variable rates, which are tied to a financial index and change with the market. Variable rate loans tend to give you more options on how you get your money through the reverse mortgage. Some reverse mortgages – mostly HECMs – offer fixed rates, but they tend to require you to take your loan as a lump sum at closing.
A Reverse Mortgage Is A Loan Against Your Home That Requires No Repayment For As Long As You Live There. Learn More About How It Works and What It Is. Reverse Mortgage Information
General Information. How the HECM Program Works; Counselors. To find a reverse mortgage counselor near you, search the HECM Counselor Roster or call (800) 569-4287. To find a reverse mortgage counselor that provides telephone and face-to-face counseling nationwide, use the HUD Intermediaries Providing HECM Counseling Nationwide list. Lenders
The AARP Foundation publication Reverse Mortgage Loans: Borrowing Against Your Home is an an easy-to-understand guide for older adults who are considering such a mortgage refinance for their home (PDF).
Find reverse mortgage financial information, tools, reverse mortgage calculator, and tips. ... reverse mortgages are there for homeowners who worry about outliving ...
The National Reverse Mortgage Lenders Association (NRMLA) is not a licensed lender or broker and does not make or offer loans. You can find a list of our lender members by clicking here . About Reverse Mortgages
A reverse mortgage is a mortgage loan, usually secured over a residential property, that enables the borrower to access the unencumbered value of the property. The loans are typically promoted to older homeowners and typically do not require monthly mortgage payments.
Is a Reverse Mortgage a Good Idea? There is a lot of conflicting information about Reverse Mortgages on the internet. Some experts think that a reverse mortgage loan, also known as a Home Equity Line of Credit (HECM), is a great financial planning tool for senior homeowners while others believe it poses some risks.
How much may a reverse mortgage offer you? Enter your own information and get an estimate. Try our calculator.
Reverse Mortgages. A reverse mortgage is a home loan that you do not have to pay back for as long as you live in your home. You only repay the loan when you die, sell your home, or permanently move away. Homeowners who are at least 62 years old are eligible.