American senior homeowners can take out a loan known as a reverse mortgage. Reverse mortgages are for seniors 62 or older that own their home. The money the senior receives can be paid out in either monthly income or as a lump sum or even a line of credit to draw upon. Money the senior receives from the reverse mortgage is considered tax-free.
Before considering a reverse mortgage many seniors consult with financial planners, attorneys, and family members to make sure the reverse mortgage is the best option for them. It is required that seniors talks with a HUD approved counselor to learn more about the HECM (Home Equity Conversion Mortgage) loan and to understand the fees involved with the loan which some are regulated by the government.
HUD approved lenders- www.hud.gov/groups/seniors.cfm
Tags: hecm, HUD, loan, Reverse Mortgage, reverse mortgages, seniors
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