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Reverse Mortgages
A reverse mortgage is a low-interest loan for homeowners, which uses a home's equity as collateral. The loan amount is a percentage of the home's value determined by the age of the youngest homeowner. The loan does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away.
To be eligible for a HUD reverse mortgage, the Federal Housing Administration (FHA) requires that all homeowners be at least age 62 and must occupy the property as their primary residence. The home must be owned free and clear or have a mortgage balance that is no more than approximately 65% of the home's value. If there is a mortgage balance, it can be paid off completely with the proceeds of the reverse mortgage loan at the closing. There are no income or credit requirements for a reverse mortgage.
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