Reverse mortgage. It’s been one of the most popular real estate search terms throughout the past year.

But what is a reverse mortgage, exactly?

Well, first, you must be at least 62 years old to be eligible for what is often referred to as a “lifetime mortgage.” Secondly, you must agree to stay in the home for as long as you live.

In return, your lender will give you the money to pay off your mortgage. And you don’t have to pay it back — not a single penny — while you are alive.

Here is the catch: If you “move, die or sell the home, the mortgage will need to be paid back in full,” according to the Sun Sentinel.

Curious to know if a reverse mortgage is right for you?

Follow us after the jump to learn about the pros and cons of a Federal Housing Administration-insured HECM loan (reverse mortgage):

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Information and acronym overload is just one of many ways to describe all the home-saving programs currently huddled under the federal government’s Making Home Affordable umbrella.

Finding out which program may be best for you, as well as whether or not you qualify for it, can be an overwhelming experience. And if you’re in a tight spot like many of your other neighbors, struggling to meet your monthly mortgage obligations, you’re already probably way past the point of being overwhelmed.

MarketWatch.com has compiled a very helpful list of the various foreclosure, loan modification and short sale programs that are available today.

We’ve shared the most important information below, as well as direct links to the various websites where you can gather more information and request/download all the information you need to remedy your situation as quickly as possible.

Check it out:

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About three years, according to mortgage expert Dean Wegner in a recent article on ABC15.com. You can expect to wait the same amount of time if you filed for bankruptcy, too.

But time alone will not be the deciding factor.

On the contrary, a credit score of more than 620, as well as demonstrating verifiable employment for at least two years and having money in the bank (3.5 percent down payment), are also required.

Mortgage lenders are certainly more strict now more than ever, being careful to avoid another mortgage meltdown that has crippled the United States housing market the last few years. The good news is that even if you did get mired in a foreclosure, short sale and/or bankruptcy situation, there is light at the end of the tunnel.

It’s certainly not the end of the world … just a pit stop on the road to your next destination.

“Historic” is actually how CNBC describes the current mortgage interest rate situation, which is at 4.87 percent on a 30-year fixed loan.

That’s the lowest it’s been in 30 years.

Mark Zandi, chief economist at Moody’s, puts it into perspective:

“It’s the best time in our generation to buy. It may be the best time in any generation. Mortgage rates are so low and with homes prices down and lots of inventory, you couldn’t pick a better time to buy or refinance.”

The report indicates that the debt crisis in Europe is responsible for the great rates. Nervous investors are “flocking” to the “security of US Treasurys.”

How long will these once-in-a-lifetime rates last? Unsurprisingly, not long … about one or two months.

In fact, Lawrence Yun, chief economist for the National Association of Realtors, predicts that interest rates will climb back up to 5.5 percent “by the end of June if not sooner.”

To start your home search today click here. Foreclosure.com has the best real estate deals in your area — save up to 50 percent or more!

Remember, too, that Foreclosure.com also offers a host of mortgage resources such as calculators right here.

Finding the best mortgage rate is just as important (if not more) as settling in the perfect house.

That’s because the loan amount and correlating interest rate will determine the monthly payments that you will be obligated to make over the next 15, 30 or even 40 years.

Therefore, it’s always wise to get preapproved for a mortgage before you start your house hunt. This way you know your financial limits and don’t stretch beyond them when touring properties available for sale.

In fact, most real estate agents strongly recommend that you are preapproved before they start providing you with potential opportunities because it helps them narrow their searches.

One nice thing about mortgage shopping right now is the super low rates. However, we can all but guarantee that these rock-bottom rates won’t last much longer.

Strike while the iron is hot!

The March 2010 edition of Foreclosure.com’s free educational newsletter, “Investment Exchange,” is now available, which details everything you need to know about “Shopping for a mortgage.”

It is designed to get you familiar with your mortgage options so that you’re on the ball when you do find that once-in-a-lifetime property. You’ll also get handy tips to make your credit squeaky clean before you apply.

So check out “Shopping for a mortgage” today so you’re in a position to get the best terms possible.

To read this month’s free educational newsletter from Foreclosure.com CLICK HERE.