Reverse Mortgage

Reverse Mortgage

A reverse mortgage is available to homeowners 62 years of age or older.  It allows seniors to convert part of the equity in their home into cash. The reverse mortgage was conceived as a means to help retirees with limited income use the accumulated wealth in their homes to cover basic monthly living expenses and/or pay for health care.  Once a reverse mortgage is granted to you, no payments are required to pay back the loan unless you sell or vacate your home. 

With a reverse mortgage, you remain the owner of your home and responsible for paying property taxes, homeowners insurance, and any association condominium fees (if applicable).