Lou--there are 3 types of these available. This is some of the info on the most popular of the 3.
Available since 1989, the oldest and most popular reverse mortgage is the Home Equity Conversion Mortgage (HECM) which is offered through banks, mortgage companies, and other financial institutions. The federal government insures HECMs through the Federal Housing Administration (FHA), a division of the U.S. Department of Housing and Urban Development (HUD). The HECM program guarantees that, as long as they remain in their homes, homeowners will receive the loan advances initially promised them, even if their homes decline in value or the financial institutions that make the loans go out of business.
Lou--if your Dad is really interested, exercise caution, like anything one should do when $$ is involved....
THE TYPE MENTIONED ABOVE would be the first type I would investigate----WHY?
Comparing reverse mortgage products can be complicated. Lenders who offer HECMs can analyze the projected costs of these loans. HECMs "require reverse mortgage counseling" through HUD-approved agencies; the mortgage counselors at these agencies can also help homeowners decide which type of reverse mortgage is best for their circumstances.
These are not ALL BAD, and, in some situations, are the only source of income for people when they are at an age where you don't want to be worrying about where/what you are going to eat.. you can even get the required counseling BEFORE you sign the docs.
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