Reverse Mortgages

Posted on November 1, 2010

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Reverse mortgages let seniors get a loan out of the equity in their home. They continue to be homeowners, but receive income from the house, either in a lump sum or small monthly amounts. And these monies are taxable and can be counted as income in determining whether the senior is eligible for Medicaid coverage.

For a reverse mortgage to be insured by the Federal Government, it must be approved by the Federal Housing Administration, and then it is called a Home Equity Conversion Mortgage.

The terms in which one is eligible for a reverse mortgage that is a Home Equity Conversion Mortgage are detailed here:

See Axsmith.net for more details.  Christine Axsmith, Esq. is a Washington, DC – based attorney specializing in foreclosure fraud, illegal foreclosure, real estate fraud.  Her credentials can be viewed at her LinkedIn profile.  The Axsmith Law website has a wealth of information for review related to elder law and foreclosure prevention. 

Other sources of valuable information are the AARP website, the Federal Trade Commission website and the HUD website.

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