The Reverse Mortgage Handbook


Exclusively for Seniors

When many homeowners think about getting money from their home, two options have been available – sell the house or obtain a home equity loan with monthly repayments. But, for homeowners age 62 and older, another option is available. It’s called a reverse mortgage.

Reverse Mortgages

A reverse mortgage is a special loan that allows seniors to receive tax-free cash income that requires no repayment until the homeowner no longer resides in the home. The funds may be paid in one lump sum, regular monthly payments, established as a line of credit, or a combination of all three.

The amount for which you qualify will vary depending on your age, geographic location, the value of your home, current interest rates, and the product you select.

Eligibility