Reverse Mortgage Lenders
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A reverse mortgage is a loan in which a lender pays you while you continue to live in your home. The payments can be made monthly,in a lump sum, or in the form of a line of credit. You don't have to pay it back while you still live in your home.
To be eligible for a reverse mortgage, you must own your home and be at least 62 years old. The amount you may borrow is generally based on your age, how much home equity you have, and the interest rate.
As a reverse mortgage borrower, you do not give up title to your home, and the money from a reverse mortgage can be used for any purpose. However, you are responsible for paying all real estate taxes and maintaining your home.
See if you qualify for a reverse mortgage from a lender below:
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Related Reverse Mortgage Information
HSH's comprehensive Guide to Reverse and Home Equity Conversion Mortgages (HECM)
What makes a reverse mortgage ad ‘deceptive’? -- Senior homeowners shopping for a reverse mortgage need to be on alert for false, misleading or deceptive advertising.
HUD's Lender Locator lets you find a HUD-approved reverse mortgage lender in your area.
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