Reverse Mortgage Services the Senior Lenders way

The Reverse Mortgage is a Federally Insured loan developed to empower Senior Americans with a financially sound method to remain in their home throughout their life. The Home Equity Conversion Mortgage or (HECM) was first made available in 1989, designed to replace the burdensome second or third mortgage loan options commonly available to seniors. When the U.S. Congress authorized loans that would relieve seniors of the payments necessary to keep their home, the "no mortgage payment" policy of the early Housing and Urban Development (HUD) program soon caught on. Another program became available in 1996 when the Federal National Mortgage Association (FannieMae) created the Home Keeper. Today, there are also Jumbo Reverse Mortgage products available, offering these same no-obligation loans for homeowners in areas where house values are significantly higher than average.

By ridding the burden of payments for the home owner and freeing up the capital stored in those homes, the Department of Housing and Urban Development (HUD) through the Federal Housing Administration (FHA); established ground breaking ways to help the senior citizens of this nation to live freely and without debt into their old age.

Virtually all Senior Citizens reserve the right to utilize the equity in their homes to provide necessary financial security. Each Reverse Mortgage below offers the opportunity for seniors to obtain the financial security they need to live out some of their dreams.

No Monthly Mortgage Payments Necessary. Borrowers also provided lump sum payout , a line of credit or monthly income (or any combination thereof) available for a fixed term or as long as you live in your home. FHA lending limits vary by county.

No Monthly Mortgage Payments Necessary. This plan provides up front cash, or a line of credit or monthly income (or any combination) for as long as you live in your home. Fannie Mae has a maximum lending limit of $417,000 no matter where you are located.

No Monthly Mortgage Payments Necessary. This plan works similar to home equity loans offered by banks. Payments based on home value and age with no income qualification. No repayment is required until the borrower permanently moves out of the home.