Term Reverse Mortgage Programs
Code LH-4000.7000
Definition Programs that make an arrangement which allows older adults who have equity in their homes to obtain cash from their homes without selling them in order to pay for home health care and other needed services and avoid institutionalization (or to use for other purposes). The individual may either obtain a reverse annuity mortgage which provides an annual income for the individual and may also include a lifetime tenancy, or sell and lease back his/her home on a basis that guarantees lifetime tenancy. The institution providing the annuity receives title to the house or cash from the sale only when the older person dies or moves away. In the sale-leaseback arrangement, the title to the house is transferred to the lender immediately. Most of these programs provide counseling regarding the general benefits of reverse mortgages, and some may evaluate an individual's personal financial situation and recommend a reverse mortgage if it would be to the person's advantage.
Created 3/10/92
Changed 12/20/16
Use References Home Equity Conversions
Older Adult Reverse Mortgage Programs
Older Adult Reverse Mortgages
Reverse Mortgages
Senior Reverse Mortgage Programs
Senior Reverse Mortgages
See Also References HUD Approved Counseling Agencies (BH-3700.3200)
Mortgage Fraud Reporting (FN-1700.1470-520)
Mortgage Modification Scam Reporting (FN-1700.1470-523)
Temporary Financial Assistance (NT)
External Classification Terms Health (CAN HC-300)
Health Care (AIRS HC-300)
Medical Expense Assistance (NPC E08.07)
Patient & Family Support (NTE E86)
Personal Financial Management Counseling (UW 1.4.16.01)
Related Concepts Financial Services/Benefits
Long Term Care
Older Adults
Facet Service
Comments
Bibliographic References "Reverse Mortgage FAQs", ALLIED Group Mortgage Company, 1996, http://www.grumpyvoices.com/agmc/reverse/faq.html

"Reverse Mortgages: The Loan That Pays YOU!", http://bestmortgage.com NOTE: this document is no longer available.

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