A reverse mortgage is a special type of loan used by older Americans to convert the equity in their homes into cash. The money from a reverse mortgage can provide seniors with the financial security they need to fully enjoy their retirement years.
The reverse mortgage is aptly named because the payment stream is "reversed". Instead of making monthly payments to a lender, as with a regular first mortgage, also known as a "forward" mortgage, a lender makes payments to you.
You continue to own your home, hold title to your home and are responsible for maintaining your home when you have a Reverse Mortgage.
It is also possible to purchase a home using the Reverse Mortgage program!
