Reverse Mortgages – A Brief Summary

A reverse mortgage may be one of the best-kept secrets in the world of retirement financing. For senior homeowners, 62+ years old, these easy-to-qualify-for, low-interest rate loans offer the opportunity to tap into some of the unexpectedly large accumulation of equity that has built up in their property. Reverse mortgage programs allow seniors to withdraw money, tax-free, without relinquishing title to the property, and without requiring a mandatory monthly repayment. These funds can be received as a lump-sum, a line of credit, a monthly payment, or any combination of these options. In the end, the senior homeowner has benefited from living out their lives in their home for as long as they are able without financial worry.