Reverse Mortgage Features

Reverse Mortgage Loan Features - Reverse mortgage loan advances are not taxable, and generally do not affect Social Security or Medicare benefits. You retain the title to your home and do not have to make monthly repayments. The loan must be repaid when the last surviving borrower dies, sells the home, or no longer lives in the home as a principal residence. In the HECM program, a borrower can live in a nursing home or other medical facility for up to 12 months before the loan becomes due and payable.

Info About Reverse Mortgages

Information About Reverse Mortgages: Learn about Cashing in Your Home's Equity
Whether seeking money to finance a home improvement, pay off a current mortgage, supplement their retirement income, or pay for healthcare expenses, many older Americans are turning to “reverse” mortgages. They allow older homeowners to convert part of the equity in their homes into cash without having to sell their homes or take on additional monthly bills.

Types of Reverse Mortgages

There are Three Types of Reverse Mortgages - The three basic types of reverse mortgage are: single-purpose reverse mortgages, which are offered by some state and local government agencies and nonprofit organizations; federally-insured reverse mortgages, which are known as Home Equity Conversion Mortgages, and are backed by the U. S. Department of Housing and Urban Development; and proprietary reverse mortgages, which are private loans that are backed by the companies that develop them.