What is a REVERSE MORTGAGE?

By Kenneth F. Castro/Reverse Mortgage Expert

Reverse mortgages are a way for homeowners, 62 and over, to access equity they have in their homes.

A reverse mortgage is a loan against your home that you do not have to pay back for as long as you live in the home.

You still own your home throughout the entire term of the loan.

A reverse mortgage can help you access cash based on the value of your home without you having to make monthly mortgage payments and can help you better manage your financial future.

What are the basic Features of a Reverse Mortgage?

All reverse mortgages—whether the government-insured Home Equity Conversion Mortgage or a conventional product—share a set of common characteristics, which include the following:

* You must be at least 62 years old and own a home. (Note: There are some conventional reverse mortgages that have differing age requirements.)
* You ALWAYS retain title (ownership) to the home. The lender never, at any point, owns the home, even after you (or last surviving spouse) permanently vacate the property.
* You must still pay property taxes and insurance, and keep the home well maintained. If you are unable to pay your property taxes and insurance, then a special set-aside from your reverse mortgage can be created.
* Repayment of the loan occurs when....

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