Yesterday I attended a CLE on reverse mortgages sponsored by Tradition Title Agency.
A reverse mortgage is actually called a Home Equity Conversion Mortgage (HECM). It is a FHA program and, in my opinion, may not be completely explained in the commercials I see on television. Some basic information about them, the costs, eligibility, etc. can be found at these links which I found to be helpful:
HUD - Frequently Asked Questions about HUD's Reverse Mortgages
WIKI - Reverse mortgages in the United States
Another interesting fact I learned is that not all banks are offering reverse mortgages.
A reverse mortgage is actually called a Home Equity Conversion Mortgage (HECM). It is a FHA program and, in my opinion, may not be completely explained in the commercials I see on television. Some basic information about them, the costs, eligibility, etc. can be found at these links which I found to be helpful:
HUD - Frequently Asked Questions about HUD's Reverse Mortgages
WIKI - Reverse mortgages in the United States
Another interesting fact I learned is that not all banks are offering reverse mortgages.