What to consider before applying for a reverse mortgage loan; How to get help if you can’t afford to pay property taxes or insurance; How to get help if you receive a notice of default or foreclosure; Explore how-to guides

If it’s a struggle to meet your reverse mortgage loan responsibilities, you're not alone. Fortunately, there are options and resources available to you.

A reverse mortgage loan, like a traditional mortgage, allows homeowners to borrow money using their home as security for the loan. Also like a traditional mortgage, when you take out a reverse mortgage loan, the title to your home remains in your name.

Can anyone take out a reverse mortgage loan? What should I think about before applying for a reverse mortgage loan and what should I ask a reverse mortgage counselor? How much …

The Homeowner Assistance Fund was established by the American Rescue Plan Act to help homeowners who have been financially impacted by COVID-19 with certain housing-related costs. The program’s goal is to prevent: Mortgage issues like delinquencies, defaults, or foreclosures; Loss of power services or other home utilities

Foreclosure is when the lender or mortgage servicer takes back the property after the homeowner falls too far behind on their mortgage payments. Facing foreclosure can feel overwhelming, but you may have more options than you realize.

Reverse mortgage. A type of loan that typically allows homeowners age 62 or older to borrow against the equity in their homes. Most reverse mortgages today are called HECMs, insured by the Federal Housing Administration (FHA).

Most homeowners have mortgages that qualify for assistance. If your loan is not backed by Fannie Mae, Freddie Mac, or the federal government you might still be eligible for similar assistance. If you don’t know who insures or backs your mortgage, you can call your servicer or see the link above.

Aug 4, 2014 · Reverse mortgage loans typically must be repaid, usually by selling the home, when the last borrower dies. However, non-borrowing spouses may be able to stay in the home if they meet certain criteria.

Jun 27, 2023 · If you use a reverse mortgage loan to consolidate your debt, the equity you have in your home declines, meaning that it may not be available when you’re older and more likely to have less income and higher healthcare bills.