Reverse Mortgage

A reverse mortgage enables older homeowners (62+) to convert part of the equity in their homes into tax-free cash without having to sell the home, give up title, or take on a new monthly mortgage payment. The reverse mortgage is aptly named because the payment stream is “reversed.” Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to the homeowner. Interest is not paid out of your available loan proceeds, but instead compounds over the life of the loan until repayment occurs.