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Reverse Mortgage Facts |
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What is a reverse mortgage?
A type of loan available only to seniors who own a house. The loan enables them to convert their home equity into cash. The payments are made by the lender and not by the borrower.
What is the age restriction?
You have to be 62 or older.
How much can I get?
It depends on the age of the youngest in the couple, the home’s value and interest rates. Also, some states have a lending limit.
How can I receive the money?
All at once or in monthly payments. Also, combined options are available.
What about interest?
It’s charged on the mortgage, usually at an adjustable rate.
When do I pay my loan?
When you cease to occupy your home.
How much will I pay?
You will pay the principle balance of the loan, plus accrued interest. |
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