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A reverse mortgage is a special type of home loan, available only to seniors aged 62 and up, that allows the borrower to transfer a portion of the equity of his/her home into cash. Once the borrower has obtained a loan through a reverse mortgage broker or reverse mortgage specialist, they can use the revenue for anything they choose.
A reverse mortgage borrower is not required to make repayments on the reverse mortgage loan as long as he/she lives in the home, taking the burden of financial strain off of senior citizens’ budgets. In order to retrospectively pay back the loan, a reverse mortgage broker can recoup the amount loaned on the reverse mortgage once the house has been sold. According to a reverse mortgage specialist, the size of reverse mortgage loans is determined by the age of the senior citizen, the rate of interest and the value of the house.
Often, the best avenues through which a reverse mortgage is granted include the HUD and the FHA. The HUD FHA reverse mortgage is offered by the U.S. Department of Housing and Urban Development and the Federal Housing Administration. The guidelines for obtaining a HUD FHA reverse mortgage stipulate that the borrower must be 62 or older and have little or no money owed on the current residence. However, there are no asset or income limitations on this kind of loan, and there are no limits on the value of the home used for the reverse mortgage.
Whichever way you look at it, reverse mortgages are great ways for seniors to free up extra cash to spend however they choose. If you are over the age of 62 and are looking for a way to relieve the financial strain of retirement, it may be in your interests to contact a local reverse mortgage specialist and discuss your options.
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