If you are looking for some extra cash, are 62 years or older and your home is or near being paid off there is no better time to look into getting a reverse mortgage loan . Why? Well first with the current economy home values are dropping like flies. If you are going to take out equity now is the time before the value drops anymore.<br><br>By using a reverse mortgage guide on the home that you now own, you will be able to at least consider moving to another home that better suits your current needs. Bear in mind that as of November 2008 the loan limit on reverse mortgage guides is $417,000.00. The best news about a reverse mortgage guide is that in addition to having the opportunity of buy a new home, you won't have to come up with a lot of cash and you will never have to make a mortgage payment (unless and until you permanently leave the property). However, you will still be responsible for paying taxes, insurance and other fees on the property. HUD does not require that you meet certain income and credit qualifications. According to HUD rules, the down payment on your new home will be based on the appraised value only.<br><br>Well, you have to think about staying in the house for good because you are already guaranteed for permanence as the house and the obligatory insurance become guarantees for the loan. It is possible for the lenders to really get their money back when they demand for it and the borrowers would never depend on their other assets at large just to pay the reverse loan. Follow the link for more information on hecm reverse mortgages.<br><br>This unique lending option is typically aimed at senior citizens who own their own homes. In fact, the HUD reverse mortgage guide program (one of the first of its kind) actually has a strict age requirement -- applicants must be at least 62 years old for this federally insured program.<br><br>One of the great ideas of the reverse home mortgage loans is, that the qualification has been done easy. When the loan will be taken against the equity of your home, the only thing you must have is the home, which has equity left and that you are American of age at least 62. Your monthly income, or income in general, has no meaning, nor your other assets.<br><br>The loan capital and all the costs will be paid back, when the loan will be closed, which happens when a senior will move away, sell the home or die. Then the home will be sold and the selling price is used for back payments. If it does not cover the whole amount, the obligatory mortgage insurance will pay the difference.<br><br>In order to apply for a reverse mortgage you first have to meet with a counselor. This will be an excellent opportunity for you to ask questions and to evaluate other alternatives. These might include selling the house, buying a less costly home, moving into an apartment where you would not have to deal with maintenance issues, or moving into an assisted living situation. Where would you be happiest and better off financially? But before you call the real estate broker to sell, certainly consider a reverse home mortgage. <a href="http://www.thereversemortgageguide.com/">http://www.thereversemortgageguide.com/blog/</a>