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A
reverse mortgage is a unique type of loan used by older Americans to
convert the equity in their homes into cash. The money from a reverse
mortgage can provide seniors with the financial security they need to
fully enjoy their retirement years. The reverse mortgage has earned its
name because the payment stream is "reversed." Instead of making
monthly payments to a lender, as with a regular first mortgage or home
equity loan, a lender makes payments to you. The money from a reverse
mortgage can be used for anything from daily living expenses to home
repairs and home modifications.
To
qualify for a reverse mortgage you must be at least 62 and own your own
home. There are no income or medical requirements to qualify. You may
be eligible for a reverse mortgage even if you still owe money on a
first or second mortgage. In fact, many seniors get a reverse mortgage
to pay off a first mortgage.
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