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Reverse Mortgages Print E-mail
If you are at least 62 years of age or older and have little to no outstanding mortgage debt, a reverse mortgage program allows you to borrow against the equity in your home. This FHA reverse mortgage is also known as a Home Equity Conversion Mortgage (or "HECM"). Instead of making monthly payments, you receive them. That's the "reverse" part of a reverse mortgage.

Flexible Access to Extra Income
Reverse Mortgages allow borrowers to obtain loan proceeds:
  • In a lump sum to cover large expenses
  • In monthly installments to supplement Social Security
  • As a line of credit to draw on as necessary
  • Or any combination of the above

Enjoy Your Retirement
Use your reverse mortgage funds for any purpose, including:
  • Meeting healthcare expenses
  • Remodeling or home repairs
  • Planning for long-term care needs
  • Pay off an existing mortgage

There are no income, credit, or employment requirements to qualify. Reverse mortgage borrowers are required to obtain an eligibility certificate by receiving a counseling session with a HUD-approved agency (HUD stands for the U.S. Department of Housing and Urban Development). Family members are also strongly encouraged to participate in these informative sessions. To find an approved reverse mortgage counseling organization near you, use the HUD Counselor Finder at their web site:

Tim Thomas is a reverse mortgage consultant for Wells Fargo Home Mortgage and can be reached at 734-560-4094 or via email at This e-mail address is being protected from spambots. You need JavaScript enabled to view it . Tim Thomas is also a member of the Senior & Caregiver Resource Network.

This information is accurate as of date of publication and is subject to change without notice. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A.  All rights reserved. #62634 12/08-3/09. An Equal Housing Lender.