Reverse Mortgage Information

Reverse Mortgage Help and Resources at Bills.com

Are you curious about a reverse mortgage? Are you nearing retirement and looking for a way to get a steady cash stream?

A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM) is a relatively new product. A reverse mortgage provides unique benefits for its target market: someone over 62 who lives in his/her primary residence, who has substantial equity in his/her home, and who has little or no income. A reverse mortgage is a loan against the equity in your home that you don’t need to pay back for as long as you live in the home. Eligibility for a reverse mortgage is set by the Federal Government; The Federal Housing Authority FHA tells HECM lenders how much they can lend you, based on your age and your home's value.

To see if you will qualify for a reverse mortgage, to learn more about them, or to find a lender who can speak to you about reverse mortgages, use Bills.com's 'Savings Center' an select 'Reverse Mortgage.' Bills.com is your one-stop online resource for all of your reverse mortgage needs.

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Reverse Mortgage FAQS
  • What is a reverse mortgage?
    A reverse mortgage is for homeowners facing retirement who want to borrow money against the equity in their home and receive cash in tax-free payments. A reverse mortgage is different from other types of loans because repayment, including accrued interest, is not required until the homeowner passes away or decides to sell the home. To get a reverse mortgage, you have to be over the age of 62, and usually there can be no existing liens against the home. Check with your lender for specific terms.
  • How do I know how much I can borrow with a reverse mortgage?
    If you’re considering a reverse mortgage and want to know how much you can borrow, it’s always best to check with your lender. There are many factors that are specific to you that can affect the amount of your reverse mortgage, including your age, where your home is located, interest rates and more.
  • What does "TALC" stand for?
    TALC is the “Total Annual Loan Cost” of a reverse mortgage. It takes all of your reverse mortgage costs and reflects them in a single annual rate, which makes TALC extremely helpful in comparing reverse mortgages against each other.