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 »

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 »

Who funds a reverse mortgage?

A reverse mortgage, sometimes known as a lifetime mortgage, is a lump sum of money or monthly payments to seniors, based on the equity in their home. The homeowner does not pay back the "loan" unt... Read More »

Is a reverse mortgage deductible?

A reverse mortgage does not have the same deductions under the U.S. Tax Code as a traditional mortgage. The Internal Revenue Service (IRS) does allow an interest deduction for reverse mortgage inte... Read More »