Reverse Mortgages Home What are Reverse Mortgages? Who is eligible for them? Types of Reverse Mortgages Why choose Reverse Mortgages Paying back Reverse Mortgages Questions to ask lenders Their disadvantages Reverse Mortgage requirements Origination and MIP Fees Dealing with closing costs The process of getting one What is the HECM? Appraisal Fees Servicing Set-Aside why choose reverse mortgages   Reverse mortgages are great options for a variety of retired people. With inflation and unforeseen costs playing into your retirement funds, it can be comforting to know that as a homeowner you have a few more options. That way, when the tough times come or if there are unexpected medical expenses not paid by your insurance, you will have the extra funds waiting to help you take care of those bills.   What Can Reverse Mortgages Be Used For? The funds from a reverse mortgage can be used for anything from daily living expenses to home repairs and modifications. They can also be used for health care expenses, such as prescription drugs or in-home care. You may need to use a reverse mortgage to prevent foreclosure or pay off existing debts from other areas of your life. You can also use these mortgages to enhance your lifestyle, take the trip you’ve always dreamed about, or any other needs and/or desires you have.   Are There Requirements? There are no income or medical requirements to qualify, and most people are eligible even if they still owe money on a first or second mortgage, although more money is available to those who owe less on their home. Eligibility and requirements are discussed on other parts of this site. Whatever your reasons for desiring a reverse mortgage, few questions will be asked when you apply.