Reverse mortgages are gaining in popularity.  That's primarily because they can provide a good solid income for aging seniors.

A reverse mortgage allows the homeowner who is 62 years old, or older, to take equity out of his property and convert it into cash.

The premise here is you get paid now rather than your heirs getting paid later.

As long as you live in the house you will not be required to pay back the loan. The loan is also federally insured if it is a HUD Reverse Mortgage.

The loan will be paid back to the lender when you sell the house, or no longer use it as your primary residence. Your heirs will get the remaining equity.

Here's the biggest danger.

There are unscrupulous "financial planners" who will try to act as middlemen between you and the lender.

You  don't need them.

There have been cases where older seniors have been charged thousands of dollars  for information that HUD provides for free. 

These companies often call themselves "financial planners" which gives them the appearance of credibility.

But according to HUD  you can get counseling and the location of the nearest HUD-approved housing counseling agency near you by calling  1-800-569-4287.

Reverse mortgages can be the answer for some aging seniors, but you must go to the right source for all your information.

Popularity: 7% [?]

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