Reverse Mortgages USA

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Free counseling for financing a loan for reverse mortgage, and purchase a home with a revers mortgage. A reverse mortgage is a low-interest loan for senior homeowners that 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. At that time, the estate has approximately 12 months to repay the balance of the reverse mortgage or sell the home to pay off the balance. All remaining equity is inherited by the estate. The estate is not liable if the home sells for less than the balance of the reverse mortgage. To be eligible for a HUD reverse mortgage, the Federal Housing Administration (FHA) requires that all homeowners be at least age 62. 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 closing. There are no income or credit requirements for a reverse mortgage. A reverse mortgage can not be outlived. As long as at least one homeowner lives in the home (keeping taxes and insurance current) the loan does not need to be repaid. Furthermore, one will never owe more than the home's value (a reverse mortgage can not become "upside down") because of the FHA insurance.