What is reverse mortgage?

Answer A reverse mortgage is a type of mortgage that allows home owners age 62 and older to use the built-up equity in their home to pay off their current mortgage debt or create additional needed income ... Read More »

Top Q&A For: What is reverse mortgage

Can you have a second mortgage included with a reverse mortgage?

A borrower who is 62 or older can purchase a reverse mortgage to pay off any and all debt on their primary residence, including a first and second mortgage debt.SignificanceA reverse mortgage pays ... Read More »

When should you use a reverse mortgage?

A reverse mortgage is a financial product offered by lenders like banks that gives a homeowner of age 62 or older money in exchange for an equity stake in the home. Trading away a home's equity wit... Read More »

How much can one get on a reverse mortgage?

The amount of the reverse mortgage is based upon the borrower's age and the equity in the home. A 75-year-old homeowner might receive up to 65 percent of their equity in a reverse mortgage, while a... Read More »

What are the pro's and con's of a reverse mortgage?

Well, hope you are sitting down......First, ALL borrowers (usually the husband and wife - ALL parties on title) must be 62 or older. If the parents put the son (Johnny) on title, they need to have... Read More »