Reverse Mortgages

About Reverse Mortgages

A reverse mortgage is a type of loan that is available to homeowners who are 62 years of age or older. With a reverse mortgage, the homeowner borrows against the equity in their home and receives regular payments from the lender. The loan does not have to be repaid until the homeowner dies, sells the home, or moves out. Reverse mortgages can be a useful financial tool for seniors who want to tap into the equity in their home to supplement their retirement income. However, reverse mortgages are complex financial products, and they can be risky if not used carefully. It is important to carefully consider the potential advantages and disadvantages of a reverse mortgage before deciding if it is right for you.