What are the different types of reverse mortgages?

Reverse mortgages allow qualifying homeowners to convert a portion of home value into cash while allowing them to continue living in their homes. Since 1961, older US homeowners can take out a reverse mortgage to access equity in their home to help with all sorts of financial needs. A reverse mortgage loan is a type of home equity loan that is designed to enable senior homeowners to receive income for the equity in their homes. What Is A Reverse Mortgage ... A Home Equity Conversion Mortgage, (HECM), commonly known as a reverse mortgage loan, is a Federal Housing Administration (FHA) ... Apr 9, 2025 ... How a Reverse Mortgage Works. Reverse mortgages get their name because instead of paying a lender, the lender pays the homeowner. The homeowner ... Reverse mortgage loan, a loan originated, made or brokered by an authorized lender which: (a) Is secured by residential real estate property; May 23, 2019 ... Reverse mortgages let households that have at least one member age 62 or older borrow money by using the equity in their home as collateral. The ... To find a HUD-approved Home Equity. Conversion Mortgage (HECM) counselor near you, call (800) 569-4287. ▫ Decide if you really need a reverse mortgage. Another ... Article 21. Reverse Mortgages. § 53-255. Title. This Article shall be known and may be cited as the Reverse Mortgage Act. (1991, c. 546, s. 1; 1995, c. A reverse mortgage is a loan for seniors ages 62 and older in which the lender pays you. Homeowners may convert their home equity into cash income, in the form ...