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If you are a US homeowner approaching retirement, and have already realized that your pension, social security, or 401K will not be enough to let you maintain the lifestyle you have been able to afford during your working years, you may be considering a reverse mortgage. If you are, you should take advantage of the services offered by the National Reverse Mortgage Association. Started in 1997, the National Reverse Mortgage Association has a decade of experience in assisting both seniors who want to use reverse mortgages to help fund their retirements, and lenders who want to offer reverse mortgages as part of their services. For homeowners who have made the decision to preserve their financial independence through reverse mortgages, the Reverse Mortgage Association offers educational programs. For lenders who wish to offer reverse mortgages, the Reverse Mortgage Association has a Code of Conduct designed to safeguard interests of older homeowners, and which it expects its lenders to ho...

Reverse mortgages are government insured home loans specifically designed for senior homeowners. This type of loan allows a homeowner to payoff their existing mortgage along with a combination of the following: establish a credit line, receive monthly checks, or withdraw cash. The amount of cash available depends on many factors, which we will discuss shortly. If you choose to get cash with your reverse mortgage loan, you can choose from the following methods:Tenure – equal, monthly payments. Modified Tenure – line of credit combined with monthly payments. Term – equal, monthly payments for a fixed period.Modified Term – line of credit combined with monthly payments for a fixed period.Line of Credit – payments or installments at the borrower’s discretion (much like a standard credit line – use the money only when you choose to).Perhaps the most worthwhile benefit of a reverse mortgage is that the borrower will not be required to make any mortgage payments for the duration of their stay...