Reverse Mortgage: Info on Reverse Mortgages

Although mortgages are often spoken of with fear and disdain, a reverse mortgage may have the opposite effect on the homeowner. A reverse mortgage is a type of home loan that lets the homeowner convert a certain amount of the equity of his or her home into cash. Equity builds up over years of mortgage payments, a portion of which is eventually paid to the homeowner.
The key difference between a reverse mortgage and a home equity loan or a second mortgage is that you do not have to repay anything until you no longer use the home as your primary …read more