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Reverse Mortgage Education

By: Source: AARP.org Date Posted: 2006-05-31 10:38:34.397161-04:00

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Reverse mortgages enable homeowners, aged 62 and older, to convert their home equity into cash – without having to sell their home or make monthly repayments as long as they live in them. But while these loans can help older homeowners maintain their economic independence, they can also be expensive and complicated, and less costly alternatives may be available. The Foundation’s Reverse Mortgage Education Project (RMEP) coordinates a national network of reverse mortgage counselors that help older people understand and evaluate the costs, benefits, and risks of converting home equity into cash.

What You Can Do

Your support would allow the AARP Foundation to expand its reach to the growing number of older Americas facing serious debt problems, some of who may be able to keep their homes and reduce or eliminate their monthly debt repayment obligations with a reverse mortgage.