What is a Reverse Mortgage Home Loan?

A reverse mortgage is a tax free loan for seniors above the age of 62. Reverse mortgages allow you to convert some of the equity of your home into income without having to sell you house or take on additional expenses (like those associated with a second mortgage).

Typically you only have to pay back the loan when you sell the home, no longer live there as a primary residence, or when the last surviving borrower dies.

HECM reverse mortgage loans are federally insured, so if you outlive the value of your home or for some reason the value of your home drops sharply you can't be forced to give up your home.

Comments

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this is really a good alternative to senior citizen who dont have huge money to invest and this can also help in theor old age

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Interesting blog. Reverse mortgages utilize the equity in your home to give you either a lump sum of money or a line of credit, but there are no monthly payments.

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