how does reverse mortgage work
Unlike a forward mortgage that is regularly used to purchase a home a reverse mortgage does not require the homeowner to repay the loan. In a reverse mortgage you get a loan in which the lender pays you. Your Reverse Mortgage Cheatsheet Reverse Mortgage Mortgage Refinance Calculator Refinance Mortgage A reverse mortgage is a type of loan that is used by homeowners at least 62 years old who have considerable equity in their homes. . A reverse mortgage is a loan for homeowners 62 and up with a large amount of home equity. It advances you funds from the house you already. Theyll use a bunch of details about you and your homefrom your age to the value of your propertyto figure out how much they can lend you. There are a few options for accessing the funds such as a regular income stream a line of credit lump sum or a combination of all. Features of a reverse mortgage. When you typically think of a mortgage the first thing that ma...