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Reverse Morgage

Used to release the equity of a home, reverse mortgages are often times used by senior citizens. Discover more information on reverse mortgages.

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Reverse Mortgage

What is a reverse mortgage?

A reverse mortgage (known as lifetime mortgage in the United Kingdom) is a loan available to seniors (62 and over in the United States), and is used to release the home equity in the property as one lump sum or multiple payments. The homeowner's obligation to repay the loan is deferred until the owner dies, the home is sold, or the owner leaves (i.e. into aged care).

In a typical mortgage the homeowner makes a monthly amortized payment to the lender; after each payment the equity increases within his or her property, and typically after the end of the term (e.g. 30 years) the mortgage is paid in full and the property is released from the lender. In a reverse mortgage, the home owner makes no payments and all interest is added to the lien on the property. If the owner receives monthly payments, then the debt on the property increases each month.

If a property has increased in value after a reverse mortgage is taken out, it is possible to acquire a second (or third) reverse mortgage over the increased equity in the home. But in certain countries (including the United States), a reverse mortgage must be the first and only mortgage on the property. For more, see Wikipedia, Reverse Mortgage.

Reverse Mortgage Headliners

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Articles and Resources for Reverse Mortgages

It's no surprise that reverse mortgages are becoming popular among seniors - US News and World Report
For many of today's retirees, a home can seem like Fort Knox without the key. Escalating real-estate prices have caused many seniors' homes to skyrocket in value. But unless they're willing to sell, it may be an inaccessible gain during a time in their lives when extra income and liquid assets would help...
Field Guide to Reverse Mortgages (NAR Information Central)
A reverse mortgage can provide cash to homeowners who do not want to move but would like to tap the equity in their home by allowing senior citizens to borrow against the equity, but they can pose risks to homeowners. This page includes articles, books and websites relating to reverse mortgages. Books can be borrowed through the Information Central library by clicking on the book title...
The Reverse Mortgage: A Retirement Tool
If you own your own home and are at least 62 years of age, a reverse mortgage provides an opportunity to convert your home equity into cash. In the most basic terms, the reverse mortgage allows you to take out a loan against the equity in your home...
Is Refinancing A Smart Idea?
With the various fluctuations in interest rates over the past few years, you have no doubt thought about whether or not refinancing your home is a good idea. Countless consumers have done so in the face of favorable interest rates over the past few years...
Stay Out Of Financing Trouble
The attention for many seniors turns to saving money and planning to funding the remainder of their lives. Certainly, planning for the future is a an exciting prospect, but it can be a daunting one as well...
Release Your Equity ~ Home Owner Loans
Home owner loans attract all types of consumers with all types of reasons to free up some of the equity they have built up in their home for other uses. Perhaps you're looking at taking at that once-in-a-lifetime European vacation or just need the cash...
The Non-Mortgage Mortgage Calculator
There are a variety of mortgage calculators widely available on the Internet and through other sources that can tell a consumer everything from the type of house that can be purchased or the size of payments that can be expected...
When Your Finances Get Stretched Too Thin
Foreclosure is a four letter word for most home owners. As times get tighter and finances get stretched thinner and thinner, the high price tag of a mortgage payment can quickly seem like an untenable cost that is only dragging down you or your family...
HUD News Release | Reverse Mortgages
Two million older Americans could tap into the equity they have built up in their homes by obtaining reverse mortgages if Congress passes legislation to modernize HUD's Federal Housing Administration (FHA), according to a U.S. Department of Housing and Urban Development estimate released today...
A "Rising Debt" Loan | AARP
The purpose of a reverse mortgage is different from that of a traditional "forward" mortgage. The purpose of a forward mortgage is to purchase a home; the purpose of a reverse mortgage is to get cash from your home...
A New Kind of Loan: In Reverse | AARP
A "reverse" mortgage is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. The cash you get from a reverse mortgage can be paid to you in several ways...
Basic Loan Features of a Reverse Mortgage | AARP
Although there are different types of reverse mortgages, all of them are similar in certain ways. Here are the features that most have in common...

Reverse Mortgage Blog Posts

Reverse mortgages become planning tool
We can credit a new form of reverse mortgage, the Saver Home Equity Conversion Mortgage, for getting...
Friday Round-Up: Supreme Court and CFPB, Reverse Mortgage Wholesale Heats Up
RMD took a look at new reverse mortgage wholesalers in the business. Many are working on big growth plans...
Thailand Looks to Reverse Mortgages to Cope with Aging Problem
A reverse mortgage company is conducting a feasibility study in Thailand for a home equity product geared...
Nonprofit Credit Counseling Agency Approved by HUD to Provide Reverse Mortgage ...
Debt Management Credit Counseling Corp (http://www.dmcconline.org), a nonprofit organization (?DMCC?),...
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  • LisaSmith0 Feb 8, 2012 @ 6:53 am | delete
    Very nicely you have introduced me to reverse mortgage concept .I must say I learnt a lot from your post about this and I am now thinking to use this option.Great post it is.
    Payday Advances
  • JohnsonSmith1 Nov 10, 2011 @ 5:45 am | delete
    Great post on reverse mortgae.Reverse mortgage is a good option if followed with care.Thanks for such post.
    Quick Quid
  • Foreclosure Los Angeles Aug 16, 2011 @ 8:22 am | delete
    "A counseling meeting explaining the reverse mortgage process was required by Financial Freedom before the loan could be processed. Mr. James allegedly informed Ms. Schultz that he would be able to waive the counseling meeting by just asking a few questions over the phone." Explore more at Foreclosure Los Angeles.
  • DomCasas Feb 7, 2011 @ 5:03 am | delete
    2010 was kinda a bizarre year for the mortgage market. In the first half of the year, you had a decent number of home sales keeping mortgages for purchases stable, thanks to the home buyer credit. In the second half of the year, that changed as demand crumbled when the credit was withdrawn. At the same time, you had very low mortgage interest rates throughout much of the year cause a mini-refinancing boom. 2011 will look very different, as the housing demand continues to struggle and mortgage interest rates have begun rising.

    home buyer
  • howtobuildcredit Oct 26, 2010 @ 6:53 am | delete
    Before taking out a reverse mortgage speak to a lawyer or family member and be sure you understand exactly what theyre offering you. A reverse mortgage is a type of home equity loan that allows older Americans to convert part of the built up equity in their home into cash loans without having to sell their home or take on an additional monthly bill. In a reverse mortgage you receive money from the lender and generally dont have to pay it back for as long as you live in your home. Instead the loan must be repaid when you die, sell your home, or no longer live there as your primary residence.
  • InternetWiz Dec 28, 2009 @ 5:06 am | delete
    I must say that I think there are pro's and con's to all home loans, including reverse mortgages, but there are very little prople that can finance a property without one.

    Reverse home loans aren't as popluar here in South Africa, which is, in my opinion, due to a lack of knowledge, advertising and service providers that will offer it.

    Thanks for the reverse home loans information, and I hope that SA home loans providers will offer this soon.
  • Jul 25, 2009 @ 5:14 pm | delete
    Really great lens, I decided to give it 5 stars because I found it very informative as well as insightful. There are numerous types of mortgages; I recommend thorough research before entering into any agreement with a mortgage company.

    I recommend for those of you who are keen on finding mortgage endowment agreements to check out my site Cheap Insurance Life Policy, it contains all the information you need.
  • PitbullMortgage Apr 16, 2009 @ 9:43 am | delete
    National Hard Money Conference hosted April 30th call 858-736-7788 for info or view 3hardmoneylenders . com
  • anthropos Jan 16, 2009 @ 10:33 am | delete
    Another great lens. Good work, Colleen.
  • quickbiz Dec 11, 2008 @ 1:51 am | delete
    Nice lens.. good information and well presented - I have you bookmarked
    Real Estate Foreclosure Information Apply Online For A Credit Card
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