Getting started with a reverse mortgage
A reverse mortgage is a little bit different than a traditional mortgage. With a traditional mortgage you make monthly mortgage payments. But with a reverse mortgage, the lender takes the home equity that you have acquired and pays you through monthly installments or a one-time lump sum payment. The money that you receive is dependent on your age and the value of your home.
Many homeowners have found that a reverse mortgage is a great way for them to take advantage of the equity they have built up in their homes.
One of the great advantages of a reverse mortgage is that you are not required to pay the loan back until the home is no longer your primary residence. Another great feature of a reverse mortgage is you can never owe more than the value of your home. No matter what.