A Reverse mortgage is a mortgage loan, usually secured over a residential property, that enables the borrower to access the unencumbered value of the property.
The loans are typically promoted to older homeowners and typically do not require monthly mortgage payments.
A Reverse mortgage works by allowing homeowners age 62 and older to borrow from their home's equity without having to make monthly mortgage payments.
As the borrower, you may choose to take funds in a lump sum, line of credit or via structured monthly payments.
The repayment of the loan is required when the last surviving borrower vacates the home permanently.
