Reverse mortgages can help older homeowners free up cash in retirement ... Next, the counselor will tell you how to apply for ...

I overheard a friend talk about how happy she was getting approved for a reverse mortgage and was intrigued,” Marie tells ...

With a HECM, a borrower can access a portion of their equity with no monthly mortgage payment, until they sell their home or ...

Additionally, the HECM file must include evidence of citizenship or permanent residency status on the Residential Loan Application for Reverse Mortgages (RLARM). But the HECM section of the ...

How long can you be away from home if you have a reverse mortgage? Matt Webber is an experienced personal finance writer, researcher, and editor. He has published widely on personal finance ...

Angelica Leicht is the senior editor for the Managing Your Money section for CBSNews.com, where she writes and edits articles on a range of personal finance topics. Angelica previously held ...

Older homeowners can apply for a reverse mortgage, which doesn't require monthly payments. Instead, the loan balance and any interest are due when the borrower sells, passes away or stops using ...

How to financially prepare for applying for a mortgage 1. Make sure your credit report is in good shape 2. Pay down any existing debt 3. Make sure you have an emergency fund 4. Know your budget 5.

For senior homeowners, one viable option is a reverse mortgage, which is a unique type of mortgage that allows individuals aged 62 or older to convert a portion of their home equity into cash.

However, our opinions are our own. See how we rate mortgages to write unbiased product reviews. A reverse mortgage is for homeowners age 62 or older who want to tap into their home equity.

The impacts are likely to be felt across a wide swath of government services, but in terms of mortgage lending, the impacts tend to be minimal — except when it comes to reverse mortgages.