A reverse mortgage is a loan for homeowners 62 or older that allows qualified borrowers to access part of their home equity without required monthly mortgage payments.
At least one borrower must be 62 or older, the property must be the primary residence, and borrowers must meet equity, property, counseling, and financial assessment requirements.
Yes. You keep title to the home and remain responsible for taxes, insurance, upkeep, and program obligations.
Depending on the program, proceeds may be available as a line of credit, monthly payments, a lump sum, or a combination.
When the loan becomes due, heirs can repay the balance, refinance, sell the property, or follow the servicer process based on the home value and loan balance.
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