Jul 17, 2024 · Knowing the rules can help you decide if a reverse mortgage is right for you. The most common reverse mortgage program is the home equity conversion mortgage (HECM), which is insured by the Federal Housing Administration (FHA). Some private lenders also offer their own reverse mortgage products, but the guidelines below apply to HECM loans only.

Jun 17, 2024 · If you’re considering tapping into your home equity, this guide simplifies the five essential rules for reverse mortgages. From eligibility requirements to key protections, we’ll cover everything in clear, straightforward language to help you make a …

Apr 9, 2025 · Most reverse mortgages are home equity conversion mortgages (HECMs) and must meet standards set by the federal government, which insures them. A homeowner can use the funds from a reverse...

May 20, 2024 · The Single-Family Housing Handbook 4000.1 recently received several new revisions, including key updates to its reverse mortgage section

Apr 23, 2025 · As a mortgage broker, it’s important to remind your clients that a reverse mortgage is a big financial decision. Encourage them to get advice from a housing counselor through an HUD-approved agency.

Mar 11, 2025 · To apply for a reverse mortgage, borrowers must certify that they have undergone reverse mortgage counseling through a Housing and Urban Development (HUD) approved agency. This counseling ensures that the borrower fully understands the terms of their mortgage and what they are agreeing to.

Nov 28, 2024 · Reverse mortgages are changing in 2025, offering more options and better protections for homeowners. With higher borrowing limits and new rules to help borrowers, reverse mortgages are becoming easier to understand and safer to use. Verify Your Reverse Mortgage Eligibility.

The legislation has also introduced more lenient repayment rules for reverse mortgages, giving borrowers more flexibility when it comes to repaying the loan. It's important for borrowers to fully understand these changes, as they can potentially affect their long-term financial planning.

Sep 25, 2017 · On October 1, HUD will change the rules on the Home Equity Conversion Mortgage (HECM) Program. Senior homeowners aged 62 and over have a unique, low-risk way to borrow money known as a reverse mortgage. It allows seniors to access valuable equity they have built up in a primary residence.

Knowing who qualifies for a reverse mortgage and what the requirements are for this type of loan can help you determine if it’s the best option for you. What is a reverse mortgage? A reverse mortgage is a loan that allows you to borrow against the equity in your home.