What is a Reverse Mortgage?A reverse mortgage, otherwise known as a home equity conversion mortgage (HECM), is a loan that’s available to homeowners that are 62 years old or above. It helps these homeowners turn part of the equity from their home into cash that can be used as a supplemental retirement income. How Does a Reverse Mortgage Work?Unlike a typical mortgage, this loan doesn’t require any monthly mortgage payments. Instead, the bank will pay you money through one single payment, a monthly payment, or a line of credit. The amount they pay you will depend on the current market value of your house.Then the loan will be paid back once the you pass away or decide to sell the home. All remaining equity on the home will go to you if you sell the house or to your surviving spouse or estate heirs.A reverse mortgage allows homeowners to continue living in the home that they’ve paid off over time. However, borrowers are still in charge of making tax and property insurance payments. Also they must use the property as their primary residence during duration of the loan.How Do I Qualify for a Reverse Mortgage?The following questions will help you determine if you qualify for a reverse mortgage:Are you 62 years old or above?Do you use the home as your primary residence?Do you own the home or have a little bit left to pay on the mortgage?Is the property a single family home, multi family home, townhome, condominium, or manufactured/mobile home? Is the home in good condition?To get a reverse mortgage you will have to meet with an approved HUD counselor to decipher whether or not it’s right for you. You will also have to pass a financial assessment, which will ensure that you can pay for the following items:Taxes on the propertyHomeowner’s insuranceHome maintenanceHOA (home owner’s association) fees, if neededTrusted House Finance Can Help You Get Started TodayIf you’re interested in getting a reverse mortgage, contact Trusted House Finance today. We can help you find out how much you qualify for and when you can start getting paid. We compare the best reverse mortgage offers to find the you the right solution and the best rates. Call us today to speak with a trusted professional.