Reverse Mortgage Information

Expert, localized Los Angeles answers provided by Heather Roy

Reverse Mortgage Information
	Dear Mrs. Lank: My husband and I are 67 years of age and have a modest income from Social Security and pension and have a mortgage. The mortgage payment takes a large chunk out of our income. Would we be able to change a conventional bank mortgage to a reverse mortgage and would this be a good move for us. As I understand it, we do not have to pay back reverse mortgages until the house is sold in our estate; also that we both may live in the house until both of us are deceased. Is there some web site where I may learn about reverse mortgages?

	A reverse mortgage must be a first mortgage, so it would involve paying off your present loan. Great information is available at www.aarp.org/revmort and at www.hud.gov/buying/rvrsmort.cfm. You can calculate how much you could borrow, based on your ages and the value of your property. And yes, the house remains your own. Nothing need to be repaid until you die or move out.
	Edith Originally published on August 28, 2005

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