Article Series

About Reverse Mortgages

Home Equity Conversion Mortgages for Seniors

Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage or HECM, and is only available through an FHA approved lender – READ MORE

FHA Reverse Mortgages (HECMs) for Seniors

If you are a homeowner age 62 or older and have paid off your mortgage or paid down a considerable amount, and are currently living in the home, you may participate in FHA's Home Equity Conversion Mortgage (HECM) program.  The HECM is FHA's reverse mortgage program that enables you to withdraw a portion of your home's equity – READ MORE

Frequently Asked Questions about HUD's Reverse Mortgages

The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program, which enables you to withdraw some of the equity in your home.  The HECM is a safe plan that can give older Americans greater financial security. Many seniors use it to supplement Social Security, meet unexpected medical expenses, make home improvements and more.  You can receive additional free information about reverse mortgages in general by contacting the National Council on Aging at (800) 510-0301. It is smart to know more about reverse mortgages, and decide if one is right for you! – READ MORE

Read more about Reverse Mortgages with Consumer Financial Protection Bureau

December 2016
CFPB Takes Action Against Reverse Mortgage Companies for Deceptive Advertising

Three Companies Cited For Falsely Claiming Consumers Could Not Lose Their Homes – READ MORE

More about the Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau aims to make consumer financial markets work for consumers, responsible providers, and the economy as a whole. We protect consumers from unfair, deceptive, or abusive practices and take action against companies that break the law. We arm people with the information, steps, and tools that they need to make smart financial decisions.

Website: ConsumerFinance.gov

Posted March 2017

Tags: reverse mortgages, Consumer Financial Protection Bureau

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Posted March 2017 on www.SeniorsResourceGuide.com