A reverse mortgage is a home loan for seniors 62 and older that allows homeowners to cash in on the equity of their home with no monthly payments.
A reverse mortgage is a loan available to homeowners, 62 years or older, that allows them to convert part of the equity in their homes into cash. A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash the equity that you built up over years of making mortgage payments can be paid to you.
Did you know you can use a reverse mortgage for purchase of a new home is this the right way to buy into your dream retirement location find out now. In a reverse mortgage, you keep the title to your home that means you are responsible for property taxes, insurance, utilities, fuel, maintenance, and other expenses and, if you don’t pay your property taxes, keep homeowner’s insurance, or maintain your home, the lender might require you to repay your loan.
Reverse mortgage loans are a unique type of home loan designed for senior citizens and require no monthly mortgage payments borrowers do still have to pay other expenses like property taxes and home insurance premiums. Learn about reverse mortgages and how they work find reverse mortgage lenders, banks and companies offering the best loan rates.
A reverse mortgage is a special type of home loan designed to enable homeowners 62 years of age and older to access part of the equity in their homes it's called a reverse mortgage because, instead of you paying the lender, the lender pays you. A reverse mortgage, also known as a home equity conversion mortgage (hecm), is a loan that allows you to take a portion of the equity in your home to first pay off your existing mortgage (if you have one) and then use the remaining proceeds however you like.Download