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Reverse Mortgage / Reverse Mortgage Loan
A reverse mortgage allows homeowners, 62 and older, to unlock the equity in their home and use it for any purpose they wish. In a traditional mortgage such as conventional or FHA mortgage you pay back each month, a reverse mortgage does not have any monthly mortgage payments. A Reverse Mortgage is a home loan for seniors, 62 and older. The reverse mortgage allows them to access their equity built up in their home to use it for any purpose.
The reason it is called a Reverse Mortgage is because the homeowner borrow money from a lender, but the lender makes monthly payments to you, rather than you making monthly payments to the reverse mortgage lender. All interest is paid at the end of the loan, rather than in the beginning.
Reverse Mortgage Information
How does Reverse Mortgage Works?
Is a Reverse Mortgage the right option for you?
What are the Pros and Cons of Reverse Mortgage?
Do I qualify for Reverse Mortgage?
How to find Reverse Mortgage Lenders?
How do I start a Reverse Mortgage Process?
How to calculate reverse mortgage with a Reverse Mortgage Calculator?
The Qualification is determined by the amount of equity in the home and the applicant’s age. The funds can be delivered in monthly payments, a lump sum, a line of credit, or a combination of these methods. You are not required to pay the reverse mortgage loan back unless you move or sell the property.
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