Reverse Mortgage FAQs
FAQ #3 - Must I Receive Counseling before I Can Get a Reverse Mortgage?
05/08/12 at 02:06 PMCounseling is a very important consumer protection required by law for the federally insured Home Equity Conversion Mortgage. The purpose of counseling is for you to meet with an independent third party who can review your circumstances and recommend whether a reverse mortgage is the best option for you, and determine if there is a better one.
FAQ #2 - Must My Home be Paid Off to Qualify for a Reverse mortgage?
12/02/11 at 03:26 PMSome people think their house must be paid off before they can qualify for a reverse mortgage. Nothing is farther from the truth.
FAQ #1 - Am I Eligible for a Reverse Mortgage?
11/30/11 at 03:15 PMIn 2010, more than 78,000 reverse mortgages were insured by the U.S. Department of Housing and Urban Development (HUD). These federally insured loans, also called Home Equity Conversion Mortgages (HECMs), have increased in popularity as older Americans looked to tap the equity in their homes so they can age in place. Since the program began in 1990, more than 660,000 reverse mortgages have been issued.
Before applying for a Reverse Mortgage, there are some facts to consider. The first question is whether you are eligible.