A reverse mortgage is a loan for seniors age 62 and older. HECM reverse mortgage loans are insured by the Federal Housing Administration (FHA) 1 and allow homeowners to convert their home equity into cash with no monthly mortgage payments. 2
There are many types of loans available to senior citizens and each. great links and information for everything from reverse mortgages to senior care to.
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This guide will help seniors of all ages to understand some of the options open to them and precautions that they should take when it comes to owning a home, downsizing, paying a mortgage, taking out a reverse mortgage, and selling property.. After evaluating this guide, readers will have a better understanding of:
Reverse Mortgage Houston Ray liked the HECM so much he decided to become a loan originator and now has a Reverse mortgage radio show on AM 700 KSEV in Houston! And the fact that David Weekley of David Weekly Homes and his wife Bonnie were both students under Janet Massey at Memorial High School brings The Massey’s story around full circle.
A senior citizen above 60 years and who owns a residential house can avail of a loan under reverse mortgage scheme either individually or jointly with their spouse. In case of a couple, the other spouse should be over 55 years. The residential house should be owned by the senior citizen individually or jointly with the spouse.
Reverse Mortgage. The most popular loan specifically for seniors is the reverse mortgage, also known as a home equity conversion mortgage. Simply put, a reverse mortgage utilizes the equity in the home; the borrower receives either monthly payments or a lump sum. Available only to homeowners who are age 62 or older, the money received from a reverse mortgage is not taxable as income, and the home remains in your name.