What is a Reverse Mortgage? Understand the Essentials

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Step 1

Check Eligibility

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Step 2

Payment Option

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Step 3

Get Approved

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Step 4

Close the Loan

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Step 5

Repayment & Loan Terms

A reverse mortgage is a type of first mortgage loan that can be used for several purposes, including paying off an existing mortgage, accessing cash from your home’s equity, or setting up a line of credit that you can draw from in the future.

What makes a reverse mortgage different from a traditional mortgage is that you aren’t required to make monthly principal or interest payments while you continue to live in the home, as long as you stay current on property-related expenses like taxes, insurance, and maintenance. This provides homeowners with greater flexibility and financial relief, especially during retirement, as the loan is repaid only when the home is sold or the borrower no longer lives in the home.

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A reverse mortgage is a primary loan that allows you to pay off an existing mortgage, access cash, or establish a line of credit for future use. What sets it apart from a traditional mortgage is that you don’t have to make principal or interest payments as long as you live in the home and keep up with property-related expenses.