Are reverse mortgages regulated and safe?

Reverse mortgages are sponsored by the U.S. government through the department of Housing and Urban Development (HUD). The government has put several restrictions and other safeguards on reverse mortgages that protect senior borrowers including regulating the fess and expenses you can be charged. Additionally, all reverse mortgage borrowers are required to attend a free counseling session to obtain independent information regarding the reverse mortgage process before they proceed with a loan application. A reverse mortgage could possibly be the safest loan you can take out because you never have to worry about making a payment.