"What is a Reverse Mortgage?
Reverse Mortgage is a special type of home loan that allows you to turn a portion of your home's equity into cash, receivable in a variety of ways. Unlike mortgages, no repayment of the loan is required until the last borrowers have permanently left home.
In 1988, the Department of Housing and Urban Development (also known as H.U.D.) started a pilot program to help seniors more easily convert the equity in their homes to cash. Today, the Reverse Mortgage Program is now one of the fastest growing segments of the mortgage industry.