What is a Reverse Mortgage?
A reverse mortgage is a loan designed to allow seniors to draw upon the equity in their homes either by a lump sum payment or by monthly installments thus providing income even after retirement. The reason this type of mortgage is called a “reverse mortgage” is because the money goes directly to the home owner instead of into paying for the home.
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Why should I get a Reverse Mortgage?
Getting a reverse mortgage is a big step and needs to be carefully evaluated. Many people have found that by taking a reverse mortgage they avail themselves of the equity they have built in their home.
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How do I qualify for a Reverse Mortgage?
If you own your home and are over 62 years of age you are eligible for a reverse mortgage. The home you are thinking of taking the reverse mortgage out on must generally be your primary residence.
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