What kind of communication should I expect from my reverse mortgage servicer?

What is a Reverse Mortgage? • Home Equity Conversion Mortgage (HECM):. Borrower gets cash in exchange for home equity. (Equity is the value of your ownership. How does a reverse mortgage impact my home equity? Unlike a traditional mortgage, you do not have to make monthly mortgage payments. Loan proceeds are advanced ... 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 ... 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 ... 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 ... With a reverse mortgage, the unpaid loan balance grows over time. As a borrower, you can pay as much or as little toward the loan balance each month as you ... A reverse mortgage is a loan that allows homeowners aged 62 and over to borrow against the equity in their homes. 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 ... Jan 17, 2022 ... A reverse mortgage is a special type of home loan that allows you to convert part of the equity in your home into cash without having to sell your home. There are two types of HECM reverse mortgages—the traditional. HECM Standard loan, and the HECM Saver loan. ... reverse mortgage or home equity loan contract. You ...