Missouri Reverse Mortgage is an educational source for homeowners over the age of 62 to educate themselves about reverse mortgages and if it is something they should seriously consider. This website has many resources for homeowners such as information, a reverse mortgage calculator and a resource guide.

A reverse mortgage was created by the FHA and HUD for homeowners aged 62 and older. They created this program so that seniors can finish out their lives in a home they own and have no fear of making monthly payments. With a reverse mortgage there is never a threat of eviction or foreclosure. Instead of making monthly payments, they can receive them. They do not need to worry about paying the loan back to the bank in their lifetime. The lender will collect on the loan one year after the homeowner has moved away or has passed away. The estate can decide on how they would like to repay the loan. They can choose to sell the home back and use the proceeds to repay the balance or they can choose to pay back the lender and keep the home in the family. If there is extra money after the sale, the estate keeps it. If the sale does not produce enough money to pay off the balance, the estate is not held personally liable for it.

To qualify, the homeowners need to be over the age of 62 and have at least 40% of home equity. There are no qualifications based on income, credit or health of the homeowners.

The results of a 2006 AARP survey recall that the two most common uses of a reverse mortgage are to pay off an existing mortgage and for medical and daily living expenses.