Learning About Reverse Mortgages

Reverse Mortgage - General Information

A reverse mortgage is a special type of home loan that enables homeowners to convert a portion of their equity into cash. The equity built up over years of home mortgage payments and appreciation can be paid to you.

Unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence. The U.S. Department of Housing and Urban Development (HUD) reverse mortgage provides these benefits, and it is federally-insured as well.

There are also Fannie Mae (Homekeeper) conventional reverse mortgages as well as variable and fixed-rate proprietary, "jumbo" reverse mortgage programs available.

Click here for more information on how to use your reverse mortage