A reverse mortgage is a type of home loan that allows a senior homeowner to borrow money from the bank based on the equity in their home. Reverse mortgage eligibility is limited to homeowners aged 62 or older who use the home as a primary residence and who either own the home outright or have a low mortgage balance. While a reverse mortgage can offer senior homeowners monthly income, it is not necessarily the right choice for everyone. Here’s what you need to know about reverse mortgages to he...
Imagine if your mortgage lender paid you instead of you paying your lender. With a reverse mortgage, that’s exactly what happens. However, you don’t just get free money each month. There are some important caveats to be aware of with reverse mortgages, and these loans are only available to select borrowers. If you’re considering a reverse mortgage, here’s how they work, the types available, and their pros and cons. A reverse mortgage draws funds from your home equity and pays you in regu...
A reverse mortgage is a type of loan reserved for those 62 and older. Here’s how it works, how you can get one and what to be wary of.
A reverse mortgage is a loan that allows homeowners to leverage the equity in their home, similar to a cash-out refinance. But instead of slowly paying the loan back in monthly installments, you don’t make any payments until you sell your home, stop using it as your primary residence or pass away. “They’re promising products for people that have high levels of housing equity and little other assets on which to draw,” says Ben Harris, vice president and director of economic studies at The...
A reverse mortgage is an increasingly popular way for Canadians aged 55 and older to access the equity they’ve accrued in their homes. Reverse mortgages can provide financial flexibility and peace of mind, particularly for retired homeowners living on fixed incomes. But there’s a lot to consider before reaching out to a reverse mortgage lender and starting the application process. A reverse mortgage is a loan that exchanges home equity for cash. Using a reverse mortgage, a homeowner borrows money based on the amount of equity they currently ...
A proprietary reverse mortgage is a loan that allows seniors to draw on their homes' equity. It isn't federally insured like most reverse mortgages.
A reverse mortgage appraisal is an assessment made of a home's value by inspecting its condition, which helps determine the amount a lender may extend to a borrower.
Discover the three different types of reverse mortgages available to qualifying homeowners age 62 and older.
Everything you need to know about reverse mortgages—what they are, how they work, and how to decide if one is right for you.
5 What Is the Difference Between an HECM and a Reverse Mortgage? HECMs are a type of reverse mortgage. They differ from other reverse mortgages because they’re backed and insured by the...