Many homeowners are aware of FHA backed mortgages. But fewer are aware of the "reverse mortgage" option that allows current homeowners with equity in their homes to pull that equity back out and live on the proceeds. Unlike a "second mortgage" a reverse mortgage does not need to get paid back -- ever -- as long as the homeowner lives in the home. Payouts vary by the age of the homeowner, with older homeowners getting more. It's often a great way for homeowners to live off the value they have accumulated in their homes when other sources of income have dried up.
For more information, read the next four blogs I have posted starting with the NEW FHA REVERSE MORTGAGE PROGRAM - Part 1.