Reverse mortgages are loans designed specifically for older homeowners. They allow a homeowner to borrow against the value of their home without incurring a monthly payment obligation. The loan can remain in place, without any payments, until the homeowner leaves the home permanently. To be eligible, a borrower must be over age 62, live in their home, and have a substantial amount of equity in the home.
Resources for Seniors is a HUD-approved housing counseling agency, currently providing reverse mortgage counseling via phone only (call 919-872-7933 for more information). You can find a list of other reverse mortgage counseling agencies on HUD's website.
If you are just exploring the idea of a reverse mortgage, you may want to begin with the extensive, high-quality, consumer information about reverse mortgages on AARP's website. The Consumer Financial Protection Bureau also has information for consumers on reverse mortgages and has a publication you can download.
Resources for Seniors does not recommend specific lenders. A list of lenders can be found on HUD's website.