Reverse Mortgage Defined

To understand how the reverse mortgage program works, the borrower must understand the terminology associated with the program. This program is a U.S. Department of Housing and Urban Development (HUD) initiative to ensure mature borrowers, over 62 years of age, are able to retain their independence while remaining in their current homes by using the equity. But the classic definition of the reverse program does not shed light on other terms used by lenders and counselors alike.