Reverse mortgage

A reverse mortgage is used by senior homeowners age 62 and older to convert the equity in their home into monthly streams of income and/or a line of credit to be repaid when they no longer occupy the home. A lending institution such as a mortgage lender, bank, credit union or savings and loan association funds the FHA-insured loan, commonly known as a Home Equity Conversion Mortgage, or HECM.

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What Is a Reverse Mortgage?

Can a reverse mortgage help you? Before utilizing it as a tool, take time to thoroughly understand where they add value ... and where they don't.

Dying with a Mortgage: What Happens to Your Home?

The simplest, most likely answer is that your heirs will be allowed to assume your loan and keep the home as long as they make the payments. But, as you'll see, nothing is simple in estate law.