 |
Aging
Internet Information Notes
Reverse Mortgages
|
|
In the past 10 years, public tax policies have made it easier
for individuals with moderate incomes to save and invest a portion
of their income for retirement. However, for most individuals
who have already left the workforce, the single largest asset
they have saved is the equity value of their home. For some individuals,
the income received from Social Security and a pension is inadequate
to meet their special needs. Conventional forms of converting
to income home equity involve repayable loans secured as second
mortgages or liens against ownership. Since 1989, the federal
government has insured for adults age 62 and over a different
type of mortgage that provides regular monthly without repayment
or the threat of eviction, even if the owner outlives the declining
equity. The links on this page lead to descriptions of different
types of reverse mortgage policies, consumer advocacy issues associated
with some types of programs, and emerging state and federal initiatives
in extending protection and support.
Download Note:
Center for Communication and Consumer Services
U.S. Administration on Aging
Tel. 202-619-0724
FAX 202-357-3523
Internet: http://www.aoa.gov
Email [aoainfo@aoa.gov]
|
|
Dept. of Health & Human Services
