FHA Assistance for
Homeowners 62 and older who have paid off their
mortgages or have only small mortgage balances remaining
are eligible to participate in HUD's reverse mortgage
Homeowners can receive payments in a lump sum, on
a monthly basis (for a fixed term or for as long
as they live in the home), or on an occasional basis
as a line of credit.
Unlike ordinary home equity loans, a HUD reverse
mortgage does not require repayment as long as the
borrower lives in the home. Lenders recover their
principal, plus interest, when the home is sold.
The remaining value of the home goes to the homeowner
or to his or her survivors.
There are no asset or income limitations on borrowers
receiving HUD's reverse mortgages. Also according
to the Reverse Mortgage
Information site there are no limits
on the value of homes qualifying for a HUD reverse