The National Council on Aging (NCOA) has released the 2013 version of Use Your Home to Stay at Home™, the official
reverse mortgage consumer booklet approved by the U.S. Department of
Housing & Urban Development (HUD).
Use Your Home to Stay at Home™ is a user-friendly guide to help older
homeowners understand the pros and cons of a reverse mortgage. Federal
law requires that all individuals who are considering a reverse mortgage
receive unbiased counseling by a HUD-approved counseling agency and
receive a copy of the NCOA guide.
Also known as Home Equity Conversion Mortgages (HECMs), reverse
mortgages allow homeowners aged 62+ to convert a portion of their home
equity into cash while they continue to live at home for as long as
they’re able. Over the past 20 years, a growing number of older
homeowners have used this financial tool. Today, most borrowers use the
loans for immediate needs, such as paying off their existing mortgage or
other debts. About 33% want to supplement their monthly income, so they
can afford to continue living independently in their own home longer.