How does a reverse mortgage compare to a HELOC (Home Equity Line of Credit)?

Reverse mortgage overview. A reverse mortgage loan is a special type of mortgage loan for seniors (generally age 62 and older). Unlike a traditional mortgage, a ... A reverse mortgage is a special type of loan that provides the opportunity for homeowners 62 years or older to borrow against the equity in their homes. The loan amount may be used by the Senior Citizen borrower for varied purposes including up-gradation/ renovation of residential property, medical exigencies, ... A reverse mortgage allows homeowners age 62 or older (55+ for some proprietary reverse mortgages) to borrow against the equity in their home, and receive the ... Having a basic knowledge of the Reverse Mortgage product will help licensees to better serve their clients and customers. HOPE is a HUD-approved housing counseling agency, and has a team of expert reverse mortgage (Home Equity Conversion Mortgage or HECM) counselors who are ... Since then, the Federal Housing Association (FHA) insured reverse mortgage loan, known as a home equity conversion mortgage or “HECM,” has dominated the market. Reverse mortgage borrowers have significantly higher financial and housing satisfaction compared to nonborrowers; no differences were found for health, daily ... A reverse mortgage is a home loan that you do not have to pay back for as long as you live in your home. It can be paid to you in one lump sum. Most reverse mortgages are regulated by the Federal Housing Administration through the United States Department of Housing and Urban Development (HUD). HUD ...