I recently came across some articles about FHA reverse mortgages. If you are age 62 or older and own your home, you may want to look into this. That site gave a lot of good information to think about, including a pros & cons list, a mortgage calculator plus some recent articles on the topic from the Wall Street Journal.

Here are some of the basics that you need to know about an FHA reverse mortgage:

A reverse mortgage allows you to access a portion of the equity in your home to obtain tax-free cash without having to make monthly loan payments.

To be eligible for a Reverse Mortgage loan, some key requirements are:

• Be at least 62 years of age or older
• Live in your home as your primary residence and have sufficient equity in it
• Be able to pay any existing mortgages through the Reverse Mortgage
• Live in a single family home, two to four-unit owner-occupied home, townhouse, approved condominium unit, or certain manufactured homes

You must also meet the following conditions:

• Attend a HUD-approved counseling session
• Continue to pay property taxes and homeowners insurance

If you meet all of those requirements, then definitely check out those links and see if this is something for you.