You may have heard rumors floating around about a program that gives retired people a large sum of money through their home ownership and it may leave you wondering, “What is a reverse mortgage?” A reverse mortgage is given to senior citizens who are over 62 years of age and who own their home outright. All applicants on the deed to the home must be over 62 years old to qualify. You are also required to own your home completely with little to no money owing. With a reverse mortgage, you are given the opportunity to receive up to 100% of your home’s equity through a cash fund. There is no requirement to make monthly payments and you are only required to pay off the loan once you both have deceased or the home has to be sold.
What is a Reverse Mortgage?
February 19th, 2009 | Reverse Mortgage
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