When should you use a reverse mortgage?

Answer 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 »

Top Q&A For: When should you use a reverse mortgage

When did reverse mortgage start?

Nellie Young took out the first reverse mortgage in 1961. The loan was granted by Deering Savings & Loan of Portland, Maine. The borrower of a reverse mortgage, who must be at least 62, makes no pa... Read More »

How long do you have to sell when a reverse mortgage ends?

You do not have to sell your home if you outlive the loan agreement for a reverse mortgage. Provided you keep the taxes and insurance current, you may continue to live there as long as you want.Ref... Read More »

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 »

Can you pay off a mortgage with a reverse mortgage?

A reverse mortgage is a type of loan, specifically for borrowers ages 62 and older, that allows a borrower to use the equity in her home to refinance a current mortgage or pull cash out for expense... Read More »