You can also change how you receive your money at any time in order to customize a plan that best suits your individual needs.
 
No More Monthly Mortgage Payments.
Unlike ordinary home equity loans, a HUD reverse mortgage does not require repayment as long as the borrower lives in the home. Lenders recover their principal, plus interest, when the home is sold or refinanced by the heirs. The remaining value of the home goes to the homeowner or to his or her survivors. If the sales proceeds are insufficient to pay the amount owed, you or your estate would not be responsible for paying the difference. This is Guaranteed by the Federal Government.

There are no income or credit requirements.
 
FHA's mortgage insurance guarantees to the borrowers that they will continue to receive their loan proceeds even if the Lender goes bankrupt.  The FHA insurance also guarantees Lenders that they will get their money back with interest and fees even if the homeowners owe more than the value of the property.  Thus, while the FHA mortgage insurance increases the initial cost of getting a HECM reverse mortgage, it also allows the Lenders to sell HECM Reverse Mortgages at interest rates well below those of FannieMae and private lenders.