Watch A Reverse Mortgage Video
The following video “Reverse Your Mortgage,” from Kiplinger’s Finance, highlights the general terms for qualifying for a reverse mortgage loan, who is best served by obtaining this type of loan, how the money can be received, and finally, how and when a reverse mortgage is repaid.
The below AARP Reverse Mortgage video is an in depth interview, originally telecast on Inside E Street in late 2009. Since then there have been further enhancements made to the reverse mortgage counseling protocol, which addressed the concerns expressed by guests on the program. After this program aired, HUD introduced the HECM Saver Reverse Mortgage in October, 2010, which offers lower closing costs than the Standard reverse mortgage. If you watch this video you will see that the high cost of obtaining a reverse mortgage is mentioned several times during the program. So keep in mind that, HUD, AARP, and FHA are continually making improvements to what many senior homeowners consider an invaluable financial safety net.