How a Reverse Mortgage Loan Works
Making the most of your retirement. You’ve worked hard all your life. Now it’s time for all the love and money you’ve invested into your home to start paying you back. Many homeowners are taking advantage of a reverse mortgage to supplement their retirement. It’s not only flexible; it also offers security and predictability in today’s challenging economy. A reverse mortgage loan may be the ideal solution for you. What is a reverse mortgage? A reverse mortgage is a loan that allows homeowners age 62 and older to access a portion of their home equity and convert it into tax-free retirement funds.
The federal government has put in place several safeguards in the reverse mortgage loan program to protect and shield homeowners from predatory lending practices. Chief among them is the mandate that a third-party counseling session must occur with an independent HUD-approved counselor before an application can be processed