how reverse mortgage works

Reverse Mortgage Guides is a reverse mortgage educational website. Our goal is to help explain many of the pros and cons of a home equity conversion Mortgage (HECM) for homeowners. We publish articles and tools for older Americans who are considering a reverse mortgage and want to become further educated before making a decision.

What exactly is a reverse mortgage? How does it work and who does it benefit? Also known as the HECM or home equity conversion mortgage in the States, the .

Even given her own position as a reverse mortgage educator, Giordano was effusive in her praise of one researcher whose work.

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In a word, a reverse mortgage is a loan. A homeowner who is 62 or older and has considerable home equity can borrow against the value of their home and receive funds as a lump sum, fixed monthly.

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DENVER – Retirees often rely on savings, investments and Social Security to get by during the later years of life, but there’s another option that can help: The reverse mortgage. A reverse mortgage is.

A reverse mortgage is a loan for senior homeowners that allows borrowers to access a portion of the home’s equity and uses the home as collateral. The loan generally does not have to be repaid until the last borrower no longer occupies the home as their primary residence. 1 At that time, the estate has approximately 6 months to repay the balance of the reverse mortgage or sell the home to pay off the balance.

A reverse mortgage is a great tool that allows seniors to access and use the equity in their home. It can be costly, however, and it’s important you understand all the risks before you agree to the terms of a reverse mortgage. Here’s what you need to know.

Essentially, the mortgage works in the reverse direction of a forward mortgage, which is where the term "reverse" comes from. All loans must eventually be repaid, and this one is no different. The loan is due once the borrower sells the home or passes away.

How Does a Reverse Mortgage Work? If you believe you’re eligible for a reverse mortgage, you’ll need to find an approved lender. If you want a loan backed by the FHA, you’ll also need to see a HUD counselor. Once you’re approved for a reverse mortgage, you’ll never have to worry about paying a monthly mortgage bill again.