About Reverse Mortgages
A reverse mortgage is a loan against your home that you do not have to pay back for as long as you live at the property. You pay the money back, plus interest, when you sell your home, permanently move out of your home or pass away.
How Do they Work?
Unlike standard home loans where you make payments to the lender, you receive money from the lender; the money can be provided to you in one lump sum, on a scheduled basis or as a line of credit that you can use as you need.
Reverse Mortgage Qualifications
There are a variety of standards that must be met to qualify for a reverse mortgage. The list includes your age, value of your home, the type of reverse mortgage that is right for you and other specific qualifications.