Funded through the Federal Housing Administration (FHA), a reverse mortgage is a financial tool available to homeowners aged 62 or older, leveraging the equity in their homes. This unique type of loan allows homeowners to receive payments in various forms, including a lump sum, monthly payments, or a combination of both. It is important to note that closing costs associated with reverse mortgages can be substantial. To make well-informed decisions, homeowners are advised to seek guidance from their financial manager or consult with an elder law attorney who can provide comprehensive information about the implications and benefits of reverse mortgages.
