What is a Reverse Mortgage? Q & a
Q. What is a reverse mortgage? A. A reverse mortgage is a loan that enables senior homeowners, age 62 and older, to convert part of their home equity into tax-free* income ”without having to sell their home, give up title to it, or make monthly mortgage payments. The loan only becomes due when the last borrower (s) permanently leaves the home. Q. How is a reverse mortgage like a home equity loan? How is it different? A. Both a reverse mortgage and a home equity loan use the equity you have built up in your home to provide you with readily …
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What is a Reverse Mortgage? Q & a
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