A reverse mortgage is a normal mortgage in reverse.
You can see how a reverse mortgage works by comparing it to a normal mortgage, which most couples use to buy a house.
When people buy their house, they make a small down payment and use a mortgage to finance the rest of the sale price of the house.
They then pay back the normal mortgage in monthly increments over many years.
With a reverse mortgage, you can turn the value of the house you already own into cash without having to move or to repay the loan each month.
The cash you get from a reverse mortgage can be paid to you in several ways:
-all at once, in a single lump sum of cash
-as a regular monthly cash advance
-as a creditline that lets you decide when and how much of your available cash is paid to you
-Or as a combination of these payment methods.
With a reverse mortgage you don't have to pay anything back until you die, sell your home, or permanently move out of your home.
To be eligible for a reverse mortgage, you must own your home and be 62 years of age or older.
There is no minimum amount of income to qualify for a reverse mortgage. It does not matter what your income is, since you don't have to make monthly repayments. You could have no income and still be able to get a reverse mortgage.
Reverse mortgages require no repayment for as long as you or your spouse live in the home.
