The following are basic suggestions on researching reverse mortgage info.

• You must own and be living in the property for at least six months of the year on which you want to place the mortgage.
• The youngest homeowner (if jointly owned) must be at least 62 years of age.
• The property must qualify for such a mortgage.

A reverse mortgage is not the same as a home equity loan. You will not be making monthly payments. Eligibility is not determined by your income level. It garners interest just like any other loan, however. You will have to maintain your home's condition, pay property taxes and continue with your home insurance coverage but until you leave it for good, sell it or the last of the owners dies, the loan will not have to be repaid.

Always ensure you understand the terms of the reverse mortgage information and precisely how much you'll have to stump up compared to other deals. Be sure you compare like with like.

Top mortgage financiers are constantly trying to receive the biggest market share. Only so many mortgage deals are granted every day. While a company starts to lose its market share it approaches independent consultants with better rate and deals. You would not really realise this as it's changing constantly. Use an independent agent to find these products for you.

A broker can advise on the obligatory home appraisals and the financing terms. You should talk to a few of them to get a fuller picture. Find out the options for receiving your money; in a single amount, monthly payments, a line of credit or a combination of these. You will have to use the loan to pay off any existing mortgages or liens on the property but after that you can do with the cash as you see fit.

Keep in mind that there are a goodly number of mortgage deal brokers out there, and each one of these financiers can proffer an unique deal.

Your Broker. Know your broker and inquire about the statistics concerning those mortgage applications they turned down or granted. According to fiscal experts, it is not a good sign if the lending agent denies 20 percent of folks who applied.

I hope these few beginner suggestions will be of some use to you in looking for good quality reverse mortgage information.