Reverse Mortgage

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

reverse mortgage.

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.