The widows in question wanted to keep the homes, which was impossible because the home prices were decreased below the amount owed and they were unable to get the funding to finance the deals. The American Association of Retired Persons Foundation claims that the HUD rule change was made in secret and they also said, that the HECM program follows the consumer protection practice, where the term homeowner includes the spouse. By staying in this house will I able to maintain my independence and set myself up for healthy aging on all levels or should I consider downsizing? If a property has increased in value after a reverse mortgage is taken out, it is possible to acquire a second (or third) reverse mortgage over the increased equity in the home. But in certain countries (including the United States), a reverse mortgage must be the only mortgage on the property. reverse mortgage calculator Look for a reverse mortgage specialist that makes it easy and fast to get reverse mortgage quotes. Never make an agreement without knowing the reverse mortgage rates for your mortgage. You also need to check out the company's reverse mortgage FAQ page for more information. This should contain details about reverse mortgages in general, as well as specific information about their company. Seniors who take advantage of the reverse mortgage programs offered by the Department of Housing and Urban Development (HUD) will be expected to pay two distinct mortgage insurance premiums. The first will be an upfront mortgage insurance premium, or MIP, that is collected by the Federal Housing Administration (FHA) immediately after the loan is closed. The second MIP is an annual premium equal to 1.25% of the borrower's current loan balance. Benefits Unique to the Reverse Mortgage for Purchase Program