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Reverse Mortgages

To qualify for most reverse mortgages, you must be at least 62 years old, you must own your home and that must be your principle residence.

Reverse mortgages can help homeowners who are house-rich but cash-poor. What a reverse mortgage does is it allows you to borrow money from the equity in your home and generally donít have to pay it back for as long as you live in your home. But the loan must be repaid when you no longer use your house as your principal residence, you sell your home, or you die.
 

 
 

 

 
 

Their are three types of reverse mortgages: single-purpose reverse mortgages, federally-insured reverse mortgages also known as Home Equity Conversion Mortgages (HECMs), and proprietary reverse mortgages.

For More Information Contact:

AARP Foundation
601 E Street, NW
Washington, DC 20049
1-800-209-8085
www.aarp.org/revmort/list

U. S. Department of Housing and Urban Development (HUD)
451 7th Street, SW
Washington, DC 20410
1-888-466-3487
www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm

Federal Trade Commission
Consumer Response Center
600 Pennsylvania Avenue, NW
Washington, DC 20580

 
 
 
 
       

 

 

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