What Is A Reverse Mortgage?
A reverse mortgage is a special mortgage created by the United States
Government. It allows you to borrow against the equity you’ve established
in your home. Instead of making monthly payments, you can choose to
receive them. That’s the “reverse” part of a reverse mortgage. To be
eligible, you must be age 62 years or older and own your home free and
clear or have an existing mortgage balance that can be paid off by the
How Does It Differ From A Traditional Home Loan?
With a traditional mortgage or home equity loan, homeowners qualify
based on their credit history and debt-to-income ratio. They borrow money
which requires making monthly payments. With a reverse mortgage, your
home makes payments to you and there are no income, employment or
credit score qualifying restrictions.
Why Get A Reverse Mortgage?
A reverse mortgage can give you access to your home’s equity without the
burden of monthly payments – allowing you to cover your expenses and
stay in your home or purchase a home ideal for you.