Reverse mortgages help elderly individuals to meet their financial obligations and cover home-related expenses during retirement. Reverse mortgages can be structured in a variety of ways, and the money can be used for a wide range of applications, including covering monthly mortgage payments for the remainder of the …
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Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage or HECM, and is only available through an FHA approved lender.
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A look at reverse mortgages for the elderly and how they work.
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