Try: A reverse mortgage is a type of loan that allows homeowners age 62 and older to turn their home equity into cash while still living in and owning their own home a reverse mortgage gives homeowners the flexibility to choose how they want to be paid you can choose a lump sum a monthy payment or even a line of credit reverse mortgages that conform to fha guidelines are also called hecm loans – home equity conversion mortgages benefits of a reverse mortgage convert home equity into cash increase your monthly income increase cash reserves protect your family take cash now peace of mind borrower eligibility the government has established a few basic requirements that everyone must meet in order to be eligile for a reverse mortgage you and your spouse must be at least 62 years old your home must have enough equity to consolidate all existing mortgages the type of home must be fha-approved such as a single-family home keep in mind that individual lenders also have their own criteria information references "president extends benefits for seniors 625 500 maximum limit extended until 9 30 2011" 2011 available at www reverseourmortgage com
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Keywords: Money homeowner mortgage loan cash finances
*This information is listed as a Fact Sheet and is not explicitly medically licensed