Borrowers must be at least 62 years old and occupy as their principal residence a home that has little or no mortgage debt remaining. The maximum loan amount depends on the age of the borrower, the expected interest rate and the appraised value of the property.

There are many payment options available. For example, borrowers may receive monthly payments for a fixed period they select, or as long as they occupy the home as a principal residence.

Reverse mortgage need not be repaid until the borrower moves, sells or refinances the property, or dies. FHA insures the lender against the risk that proceeds from the sale of the property may not be sufficient to pay off the mortgage balance. If the property is sold, the homeowner (or heir) receives any proceeds in excess of the amount needed to pay off the mortgage.

To get a reverse mortgage loan, borrowers need to apply to a HUD-approved lender.

Mortgage Professionals Offering Reverse Mortgage Loans: If you are looking for a reverse mortgage and need more information or advice, we invite you to take advantage of our database of the most competitive lenders available. Just complete a short loan request form and the best lenders in your local area will contact you with their rates and fees.

Related Articles:

Reverse Mortgages This brochure, written by Federal Trade Commission, describes three Reverse Mortgages plans available today: FHA-insured; lender-insured; and uninsured.
Home Keeper Mortgage Fannie Mae special program for senior citizens.
Reverse Mortgage Alert Informational website to inform consumers about unethical reverse mortgage practices.
Reverse Mortgages & Long-Term Care Using the proceeds for a reverse mortgage to pay for LTC.
Types of Mortgage Loans Review characteristics of all the basic loan programs available today.
Shopping For a Mortgage Information that will help you shop for a mortgage most effectively.

Legal Authority: The Senior Citizen Home Equity Protection Act.
If you are interested in a reverse mortgage, visit this House of Urban Development page: information from HUD. Check also information for Senior Citizens.