If you are age 62 or older you may want to participate in FHA’s Home Equity Conversion Mortgage (HECM), better known as the Reverse Mortgage, program. To qualify for a Reverse Mortgage you must be a homeowner that has paid off your mortgage or paid it down by a considerable amount and are currently living in the home.

With this program you can choose the way you want to withdraw your funds. You can choose to receive them in a fixed monthly amount or a line of credit or a combination of both.

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How the FHA Reverse Mortgage Program Works

There are many things for you to consider before deciding a Reverse Mortgage is the right course of action for you. To help in this process the FHA requires you to meet with a Reserve Mortgage counselor of your choosing.

This counselor will discuss Reverse Mortgage financial implications, eligibility requirements and alternatives to a Reverse Mortgage. They will also discuss how to repaying this loan and what happens when the Reverse Mortgage becomes due and payable.

If you meet the eligibility requirements you can complete a reverse mortgage application through any FHA-approved lender. Almost any institution that offers mortgages will be FHA approved. You can do an online search for a FHA approved lender or ask the HECM counselor to provide you with a list. After you choose a lender they will discuss all the requirements of the Reverse Mortgage program, the loan approval process, and the repayment terms with you. If they will not do this then you picked the wrong lender. Do more research and then choose another mortgage source.