Reverse Mortgage Guides is a reverse mortgage education site that explains the pros and cons of FHA reverse mortgages for homeowners. We publish articles and tools for seniors who are considering a reverse mortgage and want to become fully educated before making a decision. We offer a reverse mortgage calculator, detailed reverse mortgage information, and also provide testing and certification.
What is a reverse mortgage?
It is a type of mortgage that is offered through the FHA (Federal Housing Administration) and is available only to homeowners aged 62 or older. It is different from all other types of mortgages because it is a loan that does not have to be repaid for as long as the homeowner lives in the property.
A reverse mortgage is often used to fully pay off an existing mortgage and thereby cease making monthly payments. The second most common use, according to the AARP’s 2006 survey, is to pay for medical and daily living expenses.