Reverse Mortgages
It’s a simple idea, really: a reverse mortgage lets homeowners who are 62 and over convert their home equity into cash. Better still, seniors can remain in their home for as long as they live.
- Designed to help seniors on fixed incomes
- Access cash for living and health care expenses
- Requires equity, but it’s not required to own the home outright
- No monthly payments – no payment due during the owner’s lifetime
- You continue to own your home
- You can take a lump sum, monthly payments or even a line of credit
- Interest only accrues on money used – not the total amount of the loan
- Repay the mortgage interest at any time without a pre-payment penalty
- The estate only repays the actual money used, plus interest