Florida Reverse Mortgage is a reverse mortgage education site about FHA insured reverse mortgages for senior homeowners. We want you to become fully educated before making the decision as to if this is the right path for you.
What is it exactly?
A reverse mortgage is offered to homeowners 62 and older. It is FHA insured and differs from all other mortgages because it is a loan that is not due until the homeowner is no longer living in the property, proved the home is maintained in good condition and property insurance and taxes are paid.
The most common use of a reverse mortgage is used to pay off an existing forward mortgage thus discontinuing monthly payments. Another common use is to pay for medical and daily living expense, according to a 2006 AARP survey.