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What is a Reverse Mortgage?
A Reverse Mortgage works just as the name suggests, instead of the homeowner paying the bank, the bank pays the homeowner.
A Reverse Mortgage enables senior homeowners, ages 62 and over, to convert some of their home equity into cash / tax-free* income – without selling their home or having to worry about making monthly payments. The bank is repaid later, once the home is sold or the estate is settled.
* Consult your Social Security, Medicare or other financial advisor to determine how Reverse Mortgage payments may affect your particular situation. Also consult your tax advisor.
** You must also continue to occupy your home as your primary residence, keep it in good repair, with all taxes and insurance premiums up to date. Subject to the terms of your mortgage.
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