What happens if the home sells for less than what is owed on the reverse mortgage?

A reverse mortgage is a special type of home equity loan sold to homeowners aged 62 and older. The loan allows homeowners to access a portion of their home ... 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. HUD Reverse Mortgage Counseling. The DSS has been a HUD-Approved Housing Counseling Agency for over 25 years, with a focus on the government guaranteed Home ... Feb 18, 2020 ... Costs & Who Pays · You must be age 62 and older · Unlike a traditional mortgage, you do not have to provide an income or credit history to get ... Sep 25, 2023 ... Key takeaways · A reverse mortgage is a loan a senior (62 or older) can take against the equity they've built in their home. · A reverse ... A reverse mortgage allows you to take the equity you've built up in your home over the years and convert it into tax-free cash. Federal regulations and North Carolina law require reverse mortgage loan applicants to receive reverse mortgage counseling from an approved counseling agency. Our HUD-approved reverse mortgage counselors provide unbiased education to seniors interested in a reverse mortgage. Call (800) 757-1788 What is a Reverse Mortgage? A reverse mortgage is a loan that allows older homeowners to borrow money against the equity in their home. In order to receive a Home Equity Conversion. Mortgage (HECM), the most common type of reverse mortgage loan, you must receive counseling from a HUD-approved ...