Reverse Equity Mortgage

Today more seniors are getting the benefits of a reverse equity mortgage and are enjoying their golden years. Studies by HUD indicate that more than 300,000 seniors have used a reverse equity mortgage and are using the equity they have in their home, thereby being able to remain in their homes. For many seniors on a fixed income a reverse equity mortgage is a gods send. By getting a reverse equity mortgage, they are able to pay those unexpected medical bills, or even just supplement their retirement incomes. The HUD Federal housing

Administration insures the reverse equity mortgage loans, but there are a few basic requirements. The borrower must be a homeowner that is at least 62 years of age. He or she must own their home outright or have a low mortgage balance, not to mention that the homeowner must live in the house.

No Repayment of Reverse Equity

As of 1990, studies show that more than 308,000 homeowners have used a reverse equity mortgage. 76,000 in 2006 compared to just over 6,000 in 2000. The largest increase of homeowners taking out a reverse equity mortgage being in the last 7 years. A reverse equity mortgage is similar to a traditional mortgages, but no repayment is required until the borrower no longer lives in the home.

The equity from a reverse equity mortgage can be paid out in a lump-sum, monthly payments and in some cases it can be given as a line of credit. The reverse equity mortgage business is booming and the reverse loan will only become more important in today's market as time goes by. The projections for 2030 show that there will be 70 million people over the age of 65 and they will represent 20 percent of the American population. That means that more of those people will be choosing a reverse equity mortgage.

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