Keeping reverse mortgages in compliance

SOURCE: Mortgage News Feed

A reverse mortgage is a unique type of loan for homeowners age 62 and older. This special type of loan is frequently insured by the Federal Housing Administration and allows homeowners to access the equity in their homes, without making monthly mortgage payments. Borrowers are not required to repay the reverse mortgage loan as long as they live in the home. However, the loan must be repaid when the last surviving borrower dies, moves out, or sells.

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