Tag Archive: Reverse
Reverse mortgages may not necessarily rank among the most popular home loan options, but they do come with certain advantages for the right lender.
What is a Reverse Mortgage?
In a nutshell, a reverse mortgage is a way for older homeowners to leverage home equity in order to fund their retirement. The equity is actually relinquished in exchange for regular payments that can most definitely take the edge off of everyday living expenses that may be hard for seniors to cover otherwise. In order to qualify for a reverse mortgage, the homeowner must either already own the property free and clear (or be able to pay it off using the resulting payments) and be 62 years old (or older).
What to Keep in Mind
To be clear, there are definitely things to keep in mind when considering a reverse mortgage. Like other loans, you’ll want to watch for high-interest rates and …