A home equity conversion mortgage allows older homeowners to borrow against the equity or value in their homes. Reverse mortgages provide access to the value in the home without giving it up and without making monthly payments.
Reverse mortgages provide funds in a variety of ways.
Eligibility requirements are simple. All owners must be at least 62 years of age. The home must be the primary residence. The home must be free of debt and meet Federal Housing Administration minimum standards. The loan balance or necessary repairs can be paid for through the loan.