Facts About Reverse Mortgages You Should Know

A Reverse Mortgage Can Provide Tremendous Financial Relief, But Only If It’s Right For You.
as originally reported

Reverse mortgages are loans
At least one of the borrowers needs to be age 62 or above
Those who take a reverse mortgage are borrowing against their home equity
Reverse mortgages do not need to be repaid as long as one of the borrowers lives in the house
Reverse mortgages usually eliminate any other ongoing mortgage payments
Borrowers can choose to receive a monthly payment, lump sum, or line of credit to use against the house (or even a combination thereof)
Reverse mortgages can be a welcome source of financial independence
It’s essential to comparison shop multiple lenders as offers can vary widely.

Basic Facts About Reverse Mortgages