A reverse mortgage is a way to convert the accumulated equity in a home to cash without having to sell or make payments while living in the home or having to have income to qualify. Click here for an explanation. These loans may affect eligibility for public programs such as Supplemental Security Income (SSI) or Medicaid.
Why a Reverse Mortgage May Not Stall Foreclosure by Lew Sichelman, Real Estate Journal, 2/3/2006
Keep the House But Get the Cash by Michelle Singletary, The Washington Post, 1/8/2006
For more information:
National Center for Home Equity Conversion (1-800-247-6553)
National Reverse Mortgage Loan Association
SCME Mortgage Bankers, Inc., Dean Jones (1-800-448-7263 Ext. 1241)
Financial Freedom Senior Funding Corporation (1-800-500-5150)
HUD (1-888-466-3487 or 1-800-217-6970)
AARP (1-202-434-6042)
Alliance on Aging (1-800-677-1116)