Reverse mortgage

What is a Reverse mortgage?

A reverse mortgage is available to seniors ages 62 and over and is used to release equity in a property, the loan is repaid when the borrower passes or the home is sold.

When is a reverse mortgage a good option?

A reverse mortgage loan is good for those retired who are short on cash.

What is the standard home loan?

Fixed rate loans are the most popular in the United States and a generally fixed for 15 and 30 years but outside the period they are fixed for is a lot lower.

What are the advantages of a reverse mortgage loan?

The borrower can lend money against their property and not have to worry about payments

What are the disadvantage of a variable rate loan?

Reverse mortgages are generally more expensive then typical loans, the longer a borrower has a reverse mortgage the more they loose of their property