What is a Reverse Mortgage?

Reverse Mortgage Definition

A reverse mortgage allows you to obtain a loan after your home has been paid off, or to pay off a small remaining mortgage balance. You are able to live in the home and maintain ownership of it, but do not have to make any payments on the loan until it comes due. Reverse mortgages only come due in specific situations – the lender forecloses because you did not hold up your end of the agreement, you move out of the home for 12 consecutive months, you sell the home, or you pass away.

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