Reverse Mortgages

First of all I am not advocating for reverse mortgages. But this might help someone who needs money in these tough times.

Seniors, 62 or older, who have small or no mortgages on their homes are eligible to participate in HUD's reverse mortgage program. The program allows homeowners to borrow against the equity in their homes.
Homeowners receive a lump sum, or monthly payments fro as long as they live in their home.
Homeowners whose circumstances change can restructure their payment options.
The size of reverse mortgage loans is determined by the borrower's age, the interest rate and home's value. The older a borrower, the larger percentage of the home's value that can be borrowed.
There are no asset or income limitations on the borrower. There are no limits on the value of homes qualifying for a HUD reverse mortgage, but the amount borrowed is capped by maximum FHA limit up to $160,950
There are fees for borrowing . HUD's program collects funds from insurance premiums charged to borrowers. Seniors are charged 2% of the home's value, up front plus on-half percent on the loan balance each year.

Borrower Requirements;
age 62 or older
Own your property
Occupy your property as primary residence
Participate in a consumer information session by an approved counselor.

There are other reverse mortgage programs out there that are more generous. If you go back to one of my early blogs, I have an article on reverse mortgages.