Things to know if you are interested in Reverse Mortgage

• A reverse mortgage is a special kind of loan in which you can convert your home equity into cash and like other home equity loans, you don't have to pay back the loan to the lender until you are using the home as your permanent residence.

• You should be minimum 62 years old to be eligible for the reverse mortgage, should owe your home, or have less mortgage balance that can be paid off by your reverse mortgage amount.

• Single family homes and 1-4 unit homes with one unit occupied by the borrower are eligible. Also condominiums that are HUD approved or manufactured homes that meet FHA requirements are also eligible.

• You don't need to pay back the long as long as you occupy the home and are paying the taxes on time. Also, you can never owe more than your home value when you sell the home.

• Amount of money you can borrow depends on your age, interest rate and the appraisal value of the home. The older you are, less the interest rates and more the appraisal value, more money you can borrow.