What is a Reverse Mortgage | How Does a Reverse Mortgage Work

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What is a reverse mortgage and how does a reverse mortgage work?Reverse mortgages in the United States
Eligibility

To qualify for a reverse mortgage in the United States, the borrower must be at least 62 years of age and must occupy the property as their principal residence.

Before starting the loan process for an FHA/HUD reverse mortgage, applicants must take an approved counseling course. This counseling is available at no or low cost.

The maximum lending limit varies by county, but may not exceed $625,500.00. Reverse mortgages for homes valued over the maximum limit are called "Jumbo" reverse mortgages, and are generally offered as proprietary reverse mortgages. For owners of higher-valued homes, a Jumbo loan can provide a larger loan amount; however, these loans are currently uninsured by the FHA and their fees are often higher.

The amount of money available (the loan size) is determined by the borrower's age, the lesser of the value of the home or county lending limit, and the interest rate of the program the senior selects. The primary factors are:

The appraised value of the property; this includes any health or safety repairs that need to be made, plus the value of any existing liens on the house.
The interest rate, as determined by the U.S. Treasury 1 year T-Bill, the LIBOR index or 1 Year CMT.
The age of the senior; the older the owner is, the more money will be received
Whether the payment is taken as a line of credit, lump sum, or monthly payments; see below more more discussion of the options.

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