What Is a Reverse Mortgage? A reverse mortgage is a home loan designed for older homeowners?generally age 62 and up (some private options are available starting at age 55). It allows you to turn a portion of your home?s equity into cash while continuing to live in your home.
Key Point:When a homeowner has a reverse mortgage they can live in their home for the rest of their life without any monthly mortgage payment owed as long as they occupy the home as their primary residence pay the property taxes maintain homeowners insurance and keep up the property.
A reverse mortgage may allow older homeowners access home equity without monthly mortgage payments. Learn how they work risks and eligibility requirements.
Discover what a reverse mortgage is when it makes sense and when you should walk away. Also learn about alternatives like forward mortgages how they work and which is best for you.
A reverse mortgage is a loan that allows homeowners 62 or older to convert part of their home equity into cash without selling the home or making monthly payments. To qualify you generally need to own your home outright or have significant equity in it.
A reverse mortgage loan like a traditional mortgage allows homeowners to borrow money using their home as security for the loan. Also like a traditional mortgage when you take out a reverse mortgage loan the title to your home remains in your name.
What Is a Reverse Mortgage? A reverse mortgageis a loan that allows homeowners typically those age 62 or older to cash in on part of their home?s equity without selling it.