A reverse mortgage is a loan available to a homeowner 62 or older who may be eligible to borrow against the equity in his or her home. Generally with a reverse mortgage, you receive money from a lender while you stay in your home. You don’t have to pay the money back for as long as you live there and keep the property in good repair, but the loan must be repaid when you sell your home, die, or move to a different primary residence.
The amount you can borrow depends on your age, your home’s value, your equity in it, and current interest rates. You can access the money as a lump sum, a line of credit, or a combination of these methods. All reverse mortgages require closing costs, much like a regular mortgage, and they can charge fixed or variable interest rates. Our licensed specialists are pros, and they are with you throughout the entire process – from start to finish. We can help you determine if a reverse mortgage is right for you.