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A "reverse" mortgage is a loan
that you do not have to pay back as long as you live
in your home.
You can turn the value of your home into
cash without having to move and without having to make
house payments.
The cash you
get from a reverse mortgage can be paid to you in several ways:
- all at once, in a single
lump sum of cash;
- regular monthly
advances similar to monthly
income;
- as a "creditline" account
that lets you decide when and how much of your available cash is paid to
you; or
- as a combination of these
payment methods.
No matter how this loan is
paid out to you, you typically don't have to pay anything back until you
die, sell your home, or permanently move out of your home. To be eligible
for most reverse mortgages, you must own your home and be 62 years of age or
older. |
additional information
available
through the
websites below
(click on the images) |
