One financial transaction that interests the senior population in the United States is the HUD reverse mortgage program. Reverse mortgage is actually a variety of home loan that enables a senior to convert the value of the house he owned into cash. Such infusion of available funds can be use for a variety of purposes like boosting his or her income to pay for additional health care expenses, pay out existing debts, or pay for home improvements or repairs. There will be no monthly amortization in these transaction. HUD reverse mortgage program is a Federal Housing Administration (FHA) insured reverse mortgage transaction. To qualify, the borrower is at least 62 years old, the actual owner of the house, uses it as principal residence, does not have any federal debt delinquency and must have took part in a consumer information session conducted by accredited HECM counselors. The cash which will be granted will depend on the value of the house as well as the age of the borrower.