Reverse Mortgage

A mortgage, which provides seniors with funds from the equity in their homes.  Reverse mortgages require the property to have substantial level of equity.  The loan can be established to provide monthly payments to the borrower.  Generally, no payments are made on a reverse mortgage until the borrower moves or the property is sold.  The loan is essentially repaid by the value of the property.  The final repayment obligation is designed to not exceed the proceeds from the sale of the home.  The reverse mortgage is reserved for applicants 62 and older.  The most common FHA insured loan is known as a HECM.

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