A reverse mortgage is a loan made to a homeowner who is at least 62 years-old and wishes to convert the equity in their home to cash.
Unlike a home equity loan, the homeowner does not make monthly payments to the lender. In fact, with a reverse mortgage, monthly payments are made by the lender to the homeowner. A reverse mortgage isn’t repayable until the borrower no longer occupies the home as their primary residence.
Benefits of a Reverse Mortgage
- Convert the equity of your home into cash
- Receive a stable monthly income
- Receive a lump sum or stream of payments
Contact a mortgage specialist for more details, 801-786-8400.