Senior homeowners age sixty two years and older can utilize the FHA-insured reverse mortgages to convert their home equity into income monthly or a get access to a line of credit to be repaid when they no longer occupy the residence.

Instead of making monthly mortgage payments, home owners will receive cash in the form of a monthly payment from their home equity. Eligible seniors are required to receive mortgage education and counseling by an approved HECM counselor so they can be sure this reverse loan product meets their needs.