What is a Reverse Mortgage?

A reverse mortgage is a loan available to homeowners 62 or older who have a good amount of home equity in which they can borrow against to receive a lump sum, monthly payments, or a line of credit to use. Unlike most loans, most reverse mortgages do not require the borrower to make monthly payments on the loan. Instead, the entire balance becomes due if the borrower passes away or sells the home.

Updated on: 26/10/2021