How does a Reverse Mortgage Work?
A Reverse Mortgage is a home loan for senior homeowners. Reverse Mortgages generally have no credit requirements and instead of making monthly payments, you actually receive payments from your lender.
Age Requirement – 62+
The primary borrower must be at least 62 years of age. Reverse Mortgages were designed for seniors, but spouses under 62 still may be on the loan.
The homeowner must have established equity in the property to be able to qualify for and benefit from a Reverse Mortgage. Not sure if you have enough equity? We can let you know!
You Get Cash
Instead of paying into your mortgage, when you enter into a reverse mortgage you receive cash from the lender. Either as a lump sum, monthly installments or a line of credit.
No Monthly Mortgage Payments
While the borrower maintains their home as their primary residence they will not have to make any mortgage payments.