A reverse mortgage, you can use some of your own home in order to obtain tax-free cash without having to make monthly loan payments.
A reverse mortgage is safe and insured by the Federal Government Administration of Housing (FHA), a division of the Department of Housing and Urban Development (HUD). The reverse mortgage was signed into law a national program in 1988 and since its inception has helped thousands of homeowners to securely access the equity in their homes, helps them better enjoy their retirement years.
To qualify for a reverse mortgage, some basic requirements are:
* Be at least 62 years of age
* Live in your home as your principal residence and have sufficient equity in the
* Being able to pay an existing mortgage with a reverse mortgage
* Living in a family home, two to four unit owner-occupied home, townhouse, condominium approval, or some manufactured homes
You must also meet the following conditions:
* Participate in a HUD approved counseling session
* Continue to pay property taxes and property insurance
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