REVERSE MORTGAGES AT A GLANCE:

  • Available only to seniors aged 62 or older
  • Exchanges equity in the home for cash that can be used for any reason
  • Based on the life expectancy of the youngest borrower and current interest rates
  • Can be paid as a lump sum or as term payments for a pre-determined amount of time or for the life of the borrower
  • Borrower is still responsible for real estate taxes and homeowner’s insurance
  • Borrower still lives in and owns the home