A Reverse Mortgage, also known as a Home Equity Conversion Mortgage (HECM) is FHA’s reverse mortgage program which enables you to withdraw some of the equity in your home. The HECM is a safe plan that can give older Americans greater financial security. Many seniors use it to supplement social security, meet unexpected medical expenses, make home improvements, travel and much more.

Kathy,

A Reverse Mortgage is a government insured program that enables senior homeowners to convert a percentage of the home's equity into cash, while retaining home ownership.

Reverse Mortgages apply the opposite principles of a traditional forward mortgage. Traditional mortgages gain equity in a home by making monthly payments, while a Reverse Mortgage turns equity into tax free income or usable cash. Payments on the money owed are not required as long as the home is being lived in.

A Reverse Mortgage is a safe, secured means by which to achieve financial security, while retaining home ownership. The U.S. Department of Housing and Urban Development (HUD) guarantee seniors who use the Reverse Mortgage program will not pass debt onto their heirs. A Reverse Mortgage is the safest mortgage someone can get.

Hope this helps.

Once you are 62 you are eligible to tap your home's equity. There are 4 options you are given through a reverse mortgage. Check out HUD's website http://(www.hud.gov), or call AARP at: 1-800-209-8085 for more information about reverse mortgages.

Kathy
You should probably talk (person to person) with a Reverse Mortgage Lender. I would be happy to refer you to one if you like.

There are some recent changes to reverse mortgages as part of the new housing bill that was passed so you should do your homework before making a decision.

A reverse mortgage is a mortgage which uses the equity in your home to give you cash. It is typically available to people over 62 and they can get cash in a lump sum or monthly payments. This loan usually does not have to be paid back until you move out; sell the home; or die. Interest rates tend to be a bit higher for this type of loan.