Reverse Mortgages

  • September 18, 2014
  • Mortgage Loan

A Reverse Mortgage is a loan that allows seniors 62 or older use the equity they’ve accumulated in their homes to borrow money. As long as the Reverse Mortgage is outstanding, no monthly payments are required. There are no income qualifications because the size of the loan depends on the applicant’s age, home value and current interest rates. The loan matures when the borrower no longer occupies the home as a primary residence.