Since the Reverse Mortgage for seniors program is all the rage these days, let’s take a look at what is required to qualify for and to get a reverse mortgage. In the United States, a person must be at least 62 years of age and own their home to qualify for a reverse mortgage. A [...]

How do you know if you’re eligible for a reverse mortgage? Well let’s start out first with what a reverse mortgage is. A reverse mortgage is a loan that allows older homeowners to access the equity in their homes. Instead of making monthly mortgage payments to reduce your debt, you eliminate your monthly payments and [...]

The Department of Housing and Urban Development asked Congress for nearly $800 million for its reverse mortgage insurance program while requesting its budget for 2010. This is the first subsidy that HUD has requested from the FHA since the start of the HECM program in 1990. If the new funding is approved, it could affect [...]