A reverse mortgage is a loan available to homeowners, 62 years or older that allows them to convert part of the equity in their homes into cash. The product helps retirees with limited income, to use the accumulated wealth in their homes to cover basic monthly living expenses and pay for health care, or any other need they may have, as there is no restriction on how reverse mortgage proceeds can be used.
The loan is called a reverse mortgage because instead of making monthly payments to a lender, as with a traditional mortgage, the lender makes payments to the borrower
For a list of documents required upon closing, please click here: CHECKLIST
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