Reverse mortgages are unique types of loans that are based specifically on the borrower’s eligibility.

A reverse mortgage can be defined as a special type of loan used to release the equity in senior homeowners’ homes, allowing older homeowners to realize the equity in their homes without conceding any ownership of the property.

HUD, jumbo, and HECM reverse mortgages are increasingly a salvation for seniors with health and retirement incomes that have fallen in tandem with the stock market and the economy.

This article provides some interesting data about why older homeowners ultimately decide to take out a reverse mortgage loan.