Reverse mortgages, available to people age 62 or over, are a special type of home loan that lets a homeowner receive a portion of his home equity in regular cash payments. These mortgages can give seniors greater financial security to supplement their retirement income or meet unexpected medical expenses or make home improvements. These mortgages may only be offered by agencies and lenders that have been approved by the federal Department of Housing and Urban Development (HUD).
Where can I obtain more detailed information?
The U.S. Department of Housing and Urban Development has more information about reverse mortgages. The two Westchester housing not-for-profit organizations listed below can provide free and objective counseling. It is important to note that only organizations certified by HUD may offer this counseling.
Also, you may want to visit our Financial Education Web site for more information about mortgages and reverse mortgages.