Reverse Mortgage Financing
A reverse mortgage is a loan that allows homeowners over the age of 62 to be able
to convert a portion of their home equity into monthly payments or cash. Reverse
mortgages can be extremely appealing to individuals who may need or want to
supplement retirement funds. The reverse mortgage loan balance is not due until
the borrower moves out of the home, fails to pay taxes or insurance, neglects to
maintain the home, or passes away. If the borrower passes, a spouse, next of kin,
executor or estate may be responsible to repay the remaining balance of the loan.
Borrowers are not required to continue to make monthly payments to their
mortgage but may choose to do so if they would like to prevent it from accruing
heavily. There are 3 different kinds of reverse mortgages: proprietary reverse
mortgages, home equity conversion mortgages, and single-purpose reverse
mortgages.

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FirstName Carroll
LastName Miles
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Topic revision: r3 - 13 Mar 2022, CarrollMiles
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