Reverse Mortgage Guides is a reverse mortgage educational website. Our goal is to help explain many of the pros and cons of Home Equity Conversion Mortgage (HECM) reverse mortgages for homeowners.
We publish articles and tools for seniors who are considering a reverse mortgage and want to become fully educated before making a decision. We offer a reverse mortgage calculator and plenty of detailed information in help better educate you in this financial decision.
What is a reverse mortgage?
A reverse mortgage is a type of mortgage loan that the FHA (Federal Housing Administration) insures. This loan is available only to homeowners aged 62 or older.
A HECM is different from all other types of mortgages. It does not become due for as long as the homeowner lives in the property as their primary residence, continues to pay required property taxes and insurance and maintains the home according to FHA requirements.
According to a 2013 study by the National Council on Aging, reverse mortgages may help seniors to pay daily living expenses.1
Read the rest of “What is a reverse mortgage?”