Who Lends the Money for a Reverse Mortgage?

Answer A reverse mortgage is a home loan available to seniors that does not have to be repaid during the period the borrower remains living in his home. Its purpose is to permit seniors to unlock the equ... Read More »

Top Q&A For: Who Lends the Money for a 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 »

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 »

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 »

What is a reverse mortgage and how do I get one?

For many people, the retirement years present a financial challenge. If you are a senior and own your own home, you may be able to use the equity of your home as a source of needed cash by getting ... Read More »