Reverse Mortgage Information
What is a reverse mortgage? A reverse mortgage is a mortgage that you don't have to pay back. Does that sound too good to be true? I hope so because it is. A reverse mortgage does have to be paid back, but not in the way that a traditional mortgage does. Here's how it works: like a regular mortgage the bank gives you a loan against the current equity that you have in your house. The difference in a reverse mortgage is that the loan doesn't get paid back until your house is sold.
Reverse mortgages are good for a variety of situations. If you need money to relieve debt, pay property taxes, do home repairs, supplement your retirement then a reverse mortgage could be for you.
A reverse mortgage can be paid to you in a variety of ways. You can accept a lump sum up front, keep the money as a line of credit to be used as you see fit, or even as a monthly payment that the bank makes to you.
So where's the catch? There is no catch. Reverse mortgages are not a scam, they are sponsored and insured by the government. Please visit our other pages to learn more.