Over the last few years you might have heard a lot of people talking about reverse mortgages and I am sure most people have no clue what they are or how they work.
A reverse mortgage is a national program that is safe and is Government-Insured by the Federal Housing Administration (FHA) for homeowners age 62 and older, which enables you to access your home’s equity without a monthly repayment. The lender never owns the property and a lien is put on the home just like a regular mortgage and would be paid off after the property is sold or if the owner of the home passes their heirs can pay off the loan with another loan or other funds.
Reverse mortgages are fairly easy to understand but make sure you do your research fully and understand how they work before ever signing any documents with a lender.
If you or someone you know is interested in doing a reverse mortgage you should use the reverse calculator to see how much you would qualify for.
