Q & A: Reversed Annuity Mortgages
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A reverse mortgage loan is a special type of loan that allows individuals 62 years and older to convert a portion of their home equity into cash. A reverse mortgage is different from a regular home equity loan as it does not require monthly mortgage payments. Instead, no repayment is necessary until the borrower dies, sells the property, or moves. Upon these circumstances, the loan must be repaid along with accrued interest. There are certain stipulations that must be met to qualify for and maintain a reverse mortgage; speak with an attorney or financial advisor prior to committing to a reverse mortgage loan.
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