Resources
Mortgages
Kinds of Reverse Mortgages

Mortgages

Mortgage Refinancing
- Mortgage Refinancing
Reverse Mortgages
- Kinds of Reverse Mortgages
- Reporting Fraud or Abuse
FHA Loans and HUD Homes
- FHA Loans
- HUD Homes

Reverse Mortgages

A reverse mortgage refers to the mortgage which allows you to turn a certain part of the equity in your home into cash if you are 62 years old. There is no need to sell your home or take on additional monthly bills. As long as you live in your home, there is no need to pay the reverse mortgage back. You can repay your home once you sell your home and leave it permanently. Figure out more about reverse mortgages.

Kinds of Reverse Mortgages

There are three kinds of reverse mortgages which include:

Federally insured reverse mortgages- This mortgage is also known as Home equity conversion mortgages (HECM).

Proprietary reverse mortgages

Single-purpose reverse mortgages

Keep an eye on the aggressive lending practices and advertisements that regard a loan as free money or do not disclose the terms of the loan.

Bear these things in mind when finding the lender.

Avoid responding to unsolicited advertisements.
Be wary of anyone saying that you are the owner of the home with no down payment.
Get your reverse mortgage counselor.
Never sign any document without understanding it.
Ensure that the loan is federally insured.