We've highlighted a number of Social Security articles in the last month-after all the first wave of baby boomers may be getting benefits next year.   I have a feeling many are thinking of retirement, income sources and trying to understand reverse mortgages.  This particular type of mortgage is available to borrowers over age 62.

There are many different types of reverse mortgage products, but the most popular by far is the United States Department of Housing and Urban Development’s (HUD) Home Equity Conversion Mortgage (HECM).

There are three payment options for reverse mortgages – payment options being the manner in which the borrower receives monthly payments:

• Tenure—Monthly payments to the borrower for the remainder of each borrower’s life;
• Term—Monthly payments for a specified number of months;
• Line of Credit—A line of credit is established and the borrower can draw upon it when needed; and
• Borrowers may also combine either of the first two payment options with a line of credit.