reverse MTG

Reverse Mortgage

If you’re a senior, chances are someone you know has mentioned or considered getting a reverse mortgage.  But what is it exactly?  Well, a reverse mortgage is a type of loan that allows homeowners, usually seniors aged 62 or older, to convert part of their home equity into cash. The loan is repaid when the borrower no longer lives in the home.

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  • To qualify for a reverse mortgage, you must be at least 62 years old, own your home outright or have a considerable amount of equity, and live in the home as your primary residence. Additionally, you must be able to pay ongoing property charges such as taxes and insurance while maintaining the property.