A reverse mortgage is a special type of home loan designed for homeowners aged 62 or older that allows them to convert part of their home equity into cash. Unlike a traditional mortgage where the homeowner makes monthly payments, with a reverse mortgage, the lender pays the homeowner.
This type of loan is ideal for retirees who want to supplement their income, cover medical expenses, or improve their quality of life while staying in their home. The loan is repaid when the homeowner sells the home, moves out permanently, or passes away.
Borrowers are not required to make monthly payments; repayment is deferred until the home is sold or the owner moves out.
Provides a way to unlock equity without selling or moving.
Borrowers can receive funds as a lump sum, monthly payments, a line of credit, or a combination of these.
Homeowners looking to access extra cash for retirement.
Those who want to eliminate their current mortgage payments.
Individuals who prefer to age in place rather than sell their home.
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