The mortgage industry has many niche products and loan programs designed to help benefit those in need. The reverse mortgage loan is a perfect example. This type of loan is designed for seniors over the age of 62 who have equity in their homes, but may need to improve their cash flow. Most reverse mortgage today are insured through the FHA. In order to qualify for a reverse mortgage the lender will base the loan amount on 3 main factors, the borrowers age, value of the home and loan program they choose. Some of the nice benefits of reverse mortgages is that it may allow the homeowner to create a monthly income stream from the properties equity and allows the homeowner to not make mortgage payments, as the loan interest is deferred on the back end of the mortgage. Lenders do not require minimum credit scores or income to qualify, but finding a lender who offers a reverse mortgage may take some homework as not all lenders offer this specialty loan program.

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