What is a Reverse Mortgage?
A reverse mortgage is a special type of home equity loan that is sold to homeowners who are 62 years old or above. While the loan allows homeowners access to a part of their home equity as cash, if the loan is not repaid when the homeowner sells the home, moves out of the home, or dies, then the homeowner loses ownership of the home. With a reverse mortgage, you are borrowing against your equity, while the loan balance grows over time. Keep