A reverse mortgage is a type of loan for homeowners who are 62 years of age or older. It allows them to access the equity in their home and convert it into cash. The loan does not have to be paid back until the homeowner passes away, sells the home, or moves out of the home permanently. The loan is then repaid from the proceeds of the sale. With a reverse mortgage, the homeowner does not make any payments on the loan, rather, the interest and fees are added to the loan balance each month.
WHY GET A REVERSE MORTGAGE
It allows you to access the equity you have built up in your home without having to sell it.
You can use the funds for a variety of purposes, such as home repairs, medical bills, or other expenses.
You can remain in your home for as long as you choose and you will not have to make any monthly mortgage payments.
You can receive the funds in a lump sum, as a line of credit, or in monthly payments.
Reverse mortgages can be used to supplement retirement income and provide additional financial security.
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