Wisconsin State Law Library

Get the facts (and law) on reverse mortgage loans. A reverse mortgage is a home loan that lets you convert a portion of the equity in your home into cash. "The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage or HECM, and is only available through an FHA approved lender." (see: Home Equity Conversion Mortgages for Seniors)

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Online information

Consumer information on reverse mortgages (Federal Trade Commission)

Reverse mortgage questions & answers (Consumer Financial Protection Bureau)

Considering a reverse mortgage? (Consumer Financial Protection Bureau)

Types of reverse mortgages (Consumer Financial Protection Bureau)

Frequently asked questions about HUD's reverse mortgages

Reverse mortgages; 2012 report to Congress (Consumer Financial Protection Bureau)
Contains extensive information on the history, market and regulatory structure of reverse mortgage loans.

Library books and resources

• Elder Law - 18 Wisconsin Practice Series § 12:39 Reverse Mortgages (West Publishing)
• Advising Older Clients and Their Families - § 7.80 Reverse Mortgages (State Bar of Wisconsin)
• "Reversing Course: Strengthening Consumer Protections for Reverse Mortgages" 23 Elder Law Journal 417 (2016)

The law

• Wisconsin Statute s.138.058 "Reverse mortgage loans"
• Reverse Mortgage Stabilization Act, Public Law. 113-29
• Insurance of home equity conversion mortgages for elderly homeowners 12 U.S.C § 1715z–20
• Consumer Credit Disclosure – Reverse Mortgage 15 U.S.C. § 1648
• Proposed Federal Regulations: FR–5353–P–01 Federal Housing Administration (FHA): Strengthening the Home Equity Conversion Mortgage Program