If you are above 62 years of age and planning to go for a mortgage program then Reverse Mortgage is the best for you. Reverse Mortgage is specially designed for senior citizens in which your home equity is converted into cash. It usually acts as retirement pension.
You also don't have to repay the loan till you are living in that home or that is your permanent residence. The loan is paid back when the owner leaves the home. Amount of money that you can borrow depends on your age, appraised value of the home and the interest rate. The home should be a single family home or it should be 1-4 unit home with one unit occupied by the borrower. The home must be HUD or FHA approved. The money received in not taxable and it does not affect your other benefits.
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