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- Reverse mortgage loans - Consumer Financial Protection Bureau
A reverse mortgage is a special type of home loan only for homeowners who are 62 and older With a reverse mortgage, the amount the homeowner owes goes up–not down–over time Read more Not everyone is eligible for a reverse mortgage Along with age, there are a few other requirements for taking out a reverse mortgage loan Read more
- What is a reverse mortgage? - Consumer Financial Protection Bureau
Also like a traditional mortgage, when you take out a reverse mortgage loan, the title to your home remains in your name However, unlike a traditional mortgage, with a reverse mortgage loan, borrowers don’t make monthly mortgage payments The loan is repaid when the borrower no longer lives in the home Interest and fees are added to the
- Reverse Mortgages A discussion guide - Consumer Financial Protection Bureau
This guide gives an overview of many key concepts of reverse mortgages A qualified reverse mortgage counselor can help you learn more If you’re interested in considering a reverse mortgage, but haven’t spoken with a counselor yet, call (800) 569-4287 to find a U S Department of Housing
- Reverse mortgage answers - Consumer Financial Protection Bureau
Learn more about Home Equity Conversion Mortgages (HECMs), the most common type of reverse mortgage loan
- How much does a reverse mortgage loan cost?
Borrowers taking out a Home Equity Conversion Mortgage (HECM), the most common type of reverse mortgage must receive counseling from a HUD-approved reverse mortgage housing counseling agency before receiving the loan Housing counseling costs vary depending on the agency and your income and debt obligations, along with other factors
- Can anyone take out a reverse mortgage loan?
Your home must be your principal residence, meaning you live there the majority of the year You must either own your home outright or have a low mortgage balance Owning your home outright means you do not have a mortgage on it anymore If you have a mortgage balance, you must be able to pay it off when you close on the reverse mortgage
- If I take out a reverse mortgage loan, does the lender own my home?
Most reverse mortgages are Home Equity Conversion Mortgages (HECMs) The Federal Housing Administration (FHA), a part of the Department of Housing and Urban Development (HUD), insures HECMs Just like a traditional mortgage, with a HECM you are borrowing money and using your home as security for the loan You must continue to pay for property
- What happens to my reverse mortgage when I die?
Reverse mortgage loans typically must be repaid, usually by selling the home, when the last borrower dies However, non-borrowing spouses may be able to stay in the home if they meet certain criteria Most reverse mortgages today are Home Equity Conversion Mortgages (HECMs) What happens to these reverse mortgages will depend on several
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