What is a Reverse Mortgage?
A reverse mortgage is a special type of home loan only for homeowners who are 62 and older.
A reverse mortgage loan allows homeowners to borrow money using their home as security for the loan, just like a traditional mortgage. Unlike a traditional mortgage, with a reverse mortgage, borrowers don’t make monthly mortgage payments. The loan is repaid when the borrowers no longer live in the home. Interest and fees are added to the loan balance each month and the balance grows. With a reverse mortgage homeowners are still required to pay property taxes and homeowner’s insurance, and keep their house in good condition.
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