Senior Citizens and Reverse Mortgages

A reverse mortgage is a special type of home loan that lets a homeowner convert a portion of the equity in his or her home into cash. The equity built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence. HUD's reverse mortgage provides these benefits, and it is federally-insured as well.

Many financial institutions offer reverse mortgages, but you should check out HUD's Reverse Mortgage which is a federally-insured private loan, and it's a safe plan that can give older Americans greater financial security. Since your home is probably your largest single investment, it's smart to know more about reverse mortgages, and decide if one is right for you! . . .

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