Reverse mortgages help seniors withdraw a portion of their home equity, repay their existing mortgage loan and keep any remaining cash. For seniors struggling to get by on a limited income, these loans can be extremely beneficial, especially since reverse mortgages do not need to be repaid until the borrowers...

On November 18th of last year, President Obama signed the “Minibus” appropriations bill, providing the Department of Housing and Urban Development (HUD) with $45 million to put towards housing counseling. While the passing of this bill is certainly a win for counseling agencies, the National Reverse Mortgage Lenders Association (NRMLA)...

A reverse mortgage is a financial tool that help seniors eliminate their monthly mortgage payments and increase their cash flow by accessing a portion of their home equity. While the benefits are obvious, reverse mortgage pitfalls can be a bit more complicated. Before pursuing a reverse mortgage, consider these two...

The reverse mortgage for home purchase program is a financial program designed by the U.S. Department of Housing and Urban Development (HUD) and insured by the Federal Housing Administration (FHA). Through this program, seniors are allowed to purchase a new principal residence with the proceeds of a reverse mortgage. This...

Before seniors are eligible for a reverse mortgage, they must first attend one counseling session administered by a HUD-approved housing counselor. Since consumers are not required to receive counseling before getting other types of home loans, most seniors do not know what to expect. To shed some light on reverse...

While gathering reverse mortgage information, it is easy to get excited about these loans. If you are a homeowner over 62 years of age with a significant amount of equity in your home, you might be able to withdraw a portion of your equity and defer payment until you sell...

The past ten years have not been easy for the American economy. The stock market has been exceptionally volatile, housing prices have fallen, and the unemployment rate has more than doubled. While few consumers were left untouched, many retirees and pre-retirees were left questioning their hopes of a comfortable retirement....

Once you have decided to use a reverse mortgage to access your home equity, the next step is to choose a lender. While many reverse mortgage lenders are honest, there are some that employ a few questionable practices. To ensure your safety throughout the loan process, protect yourself by watching...

An FHA reverse mortgage is a reverse mortgage insured by the Federal Housing Administration. These loans are also commonly referred to as Home Equity Conversion Mortgages (HECMs). The Federal Housing Administration, or FHA, is a branch of the Department of Housing and Urban Development (HUD). Both FHA and HUD are...

Since 1989, FHA reverse mortgages have been an option for seniors who required additional financial security in their retirement. Almost 700,000 seniors have received FHA reverse mortgages since 1989 and three-quarters of those have been in the last five years. However, recent changes to the laws governing reverse mortgages will...