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Reverse Mortgage

Legal Information

  • FAQs about HUD's Reverse Mortgages

    Content Detail

    By:
    United States Department of Housing and Urban Development
  • Reverse Mortgages

    If you’re 62 or older – and looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses – you may be considering a reverse mortgage. It’s a product that allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills. Content Detail

    By:
    Federal Trade Commission
  • Reverse Mortgages: The Good, The Bad, and The Ugly

    For those who have special needs, or are caregivers for an individual with special needs, the promise of extra cash flow from a reverse mortgage may seem like a wonderful gift; however, be sure to read the fine print. Content Detail

    By:
    EP Magazine
  • Tips for Consumers on Reverse Mortgages

    A reverse mortgage is a complex home loan for senior homeowners who have built up substantial equity in their property. In a reverse mortgage the lender loans you money based on the value of your home, the amount of equity you have in the home, and your age at the time of the loan application. The lender pays you the money either in a lump sum, in monthly installments, or as a line-of-credit. Unlike a traditional home equity loan or second mortgage, repayment is not required until you sell your home, move out permanently, or die. The amount of money you owe increases over time because you do not make payments. If you sell your home, you can keep any proceeds from the sale of your home in excess of what you owe the lender. Content Detail

    By:
    National Consumer Law Center