Reverse Mortgage loans are for homeowners having age 62 or older so that they could convert their home value into cash or monthly payments without the need of selling or moving. The Department of Housing and Urban Development (HUD) or Federal Government allows senior Homeowners to borrow against the equity of their home or buy a new home based on the value or buying price of the new property.
Now, you can enjoy your whole retirement with the help of a Reverse Mortgage loan. However, to know how this works before applying check out a few things.