A reverse mortgage is a loan for seniors age 62 and older. HECM reverse mortgage loans are insured by the Federal Housing Administration (FHA)1 and allow homeowners to convert their home equity into cash with no monthly mortgage payments. Anderson American Mortgage and Real Estate Network can provide free information and a homeowners guide.
A reverse mortgage is a type of home equity loan that’s reserved for older homeowners and does not require monthly mortgage payments. Instead, the loan is repaid after the borrower moves out or dies. The property must be maintained and property taxes paid.