Reverse mortgages are powerful tools that help eligible homeowners obtain a tax-free cash flow. Over two hundred thousand people have already used Reverse mortgages to enhance their retirement. A reverse mortgage is a government sponsored and insured loan that requires no payments during the period of time you live in your home. Reverse mortgages enable eligible homeowners to access the money they have built up as equity in their homes.
Types of reverse mortgage:
* There are three types of reverse mortgages - federally insured, lender insured and uninsured.
* Three distinct reverse mortgage products are - Home Equity Conversion Mortgage (HECM), Fannie Mae Home Keeper® reverse mortgage, and Cash Account. These products differ by type of residential property for which a reverse mortgage can be taken, payment types, loan amount, processing fees, and interest on the loan balance.
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