Can I refinance my existing mortgage into a reverse mortgage?

Reverse mortgages allow qualifying homeowners to convert a portion of home value into cash while allowing them to continue living in their homes. A reverse mortgage is a loan available to homeowners, 62 years or older, that allows them to convert part of the equity in their homes into cash. We are proud to be America's leading HUD-approved reverse mortgage lender, consistently achieving a stellar 4.99/5 star rating for our impeccable service. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. Feb 6, 2023 ... A new report, Unmet Promises: Reverse Mortgage Servicing Challenges and How to Preserve Housing Stability for Older Adults, finds that reverse mortgages end in ... A reverse mortgage is designed to help older homeowners who want to age in place and supplement their income by tapping the equity in their home. Unlike a ... Feb 20, 2020 ... Five findings about the use of reverse mortgages and race add up to one big point: different racial and ethnic groups use reverse mortgages differently. Aug 16, 2010 ... A reverse mortgage loan is available to seniors (usually age 62 and older) who own all or almost all of the equity in their home. A counselor will explain how reverse mortgages work, including how you can access your equity, costs, tax implications, benefits and drawbacks. "Reverse mortgage loan" means a loan: (1) made to a borrower wherein the committed principal amount is paid to the borrower in equal or unequal installments.