A reverse mortgage is a loan against your home that you don't have to repay as long as you live in that home. It is only available to people who are age 62 or older. It was designed for people who want to stay in their homes, have built up equity in them, and need to supplement their incomes. You don't have to pay anything back until you sell your home, permanently move out of your home, or pass away. You can use the cash to make home repairs or improvements, perform routine maintenance, complete special remodeling projects, or almost anything else!
Labels: reverse mortgage
