What Is A Reverse Mortgage And Should You Get One?
Who qualifies for a reverse mortgage?
You must be at least 62 years old and have equity in your home.
You have equity in your home if your home is worth more than you owe on it.
Heres how it works
When you bought your home, the bank loaned you the money to buy it and you paid them back with monthly mortgage payments.
A reverse mortgage is the opposite. With a reverse mortgage, the bank pays you a monthly payment from the equity in your home.
You repay the money when you sell your home, refinance, permanently move out, or pass away. At that time, you or your heirs must repay the loan plus interest in one payment.
How do I get a reverse mortgage?
Reverse mortgages are available through most major banks and lenders.
Heres what happens when you contact the lender:
An appraiser will determine the value of your home.
The lender will tell you how much you qualify for based on your age, the equity in your home, and the cost of the loan.
You decide how you want to receive the money.
You can receive the...
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