REVERSE MORTGAGE


A reverse mortgage isn't really a mortgage at all.

A reverse mortgage allows you, the property owner, to access some of the value of your property without selling it. You remain the owner with all your current obligations. And you get a cash stream from your property. When the reverse mortgage agreement is over you or your heirs must repay all of your cash advances plus interest. Reputable lenders don't want your house; they want repayment.

Although there are different types of reverse mortgages all of them are similar in certain ways. For instance, you are still responsible for paying your own property taxes, homeowner insurance and repairs. So this doesn't change.

There are things you should be aware of with reverse mortgages. While they can be ideal, you need to know what it will mean for you.