Many homeowners have found that a reverse mortgage is a great way for them to take advantage of the equity they have built up in their homes.
A reverse mortgage is different than a traditional mortgage. With a traditional mortgage you make monthly mortgage payments, but with a reverse mortgage the lenders pays you money through monthly installments or a one-time lump sum payment. The money that you receive is dependent on your age and the value of your home.
One of the great advantages of a reverse mortgage is that you are not required to pay the loan back until the home is no longer your primary residence For more information on when a reverse mortgage comes due. Another great feature of a reverse mortgage is you can never owe more than the value of your home. No matter what.
If you’re aged 62 or older and own your home you might be eligible for a reverse mortgage. .