The ONLY Reverse Mortgage insured by FHA (Federal Housing Administration) is the HECM Reverse Mortgage. Senior Homeowners 62 or older can apply. There is no payment of any sort for the primary residence and as long as the property is in good condition and property tax and home insurance are pay on time.

How do Seniors qualify for Reverse Mortgage?

You must be at least 62 or older. There have to be enough equity in the home and the titles of the house must be FREE of any liens to be approve. If you still owe money on the mortgage, you must pay off the balance with the disbursement when the Reverse Mortgage Loan closed. There are no income or credit checks required because you don’t need to make any payments, The Lenders will pay you.

How does my property Qualify?

All different properties from Single Family Residence, 2-4 units, condos, townhouses and manufactured homes can be approve. But first you must talk to a Reverse Mortgage Loan Counselor, and all properties must meet HUD standards. Especially mobile homes, they had to be built within the last 30 years and on a concrete foundation.

What different ways can I get the money from Reverse Mortgage?

* You can choose to receive a lump sum at closing

* Fixed monthly payment for a period of time or as long as you live in the home.

*Line of Credit is the most popular because of its flexibility.

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One of the most common options is Line of Credit because you can do whatever you want with it or withdrawal anytime.

Where do I go to apply for a Reverse Mortgage Loan?

Many banks, FHA or Reverse Mortgage Brokers offer this product, but the HECM Reverse Mortgage is one with lowest cost and it is insured by the Federal Government.

Its imperative to do your research and gather as much information as you can.

Here is a list of FHA Approved Reverse Mortgage Lenders:

http://www.hud.gov/offices/hsg/sfh/hecm/hecmlenders.cfm

If you are over 62 years old and you are a homeowner having financial issues, credit debts, or medical bills, etc. you should think about Reverse mortgage. Reverse Mortgage Works whole lot better than other options. How Does Reverse Mortgage Work? You can convert the equity of your property into one lump sum or line of credit without having to sell the home or give you title.

Learn more about How Does Reverse Mortgage Work?. Stop by Matt Finn’s site where you can find out all about Reverse Mortgage Loan and what it can do for you.. Also published at How Does Reverse Mortgage Work?.