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Reverse Mortgage

A reverse mortgage allows someone over the age of 62 to convert part of the equity in their home into cash without selling the home. In a “reverse” mortgage, you receive money from the lender, and generally don’t have to pay it back for as long as you live in your home. The loan is repaid when you die, sell your home, or when your home is no longer your primary residence. Before doing a reverse mortgage, make sure you understand how reverse mortgages work, what types are available and how to get the best deal.

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  • Seniors' Home Equity Falls Sharply
    Even though senior home prices remain depressed, Americans over the age of 62 still had $3.21 trillion in home equity in the first quarter of 2011, according to the latest NRMLA/RiskSpan Mortgage Market Index. But that's far below peak levels, meaning the elderly have less borrowing power when it comes to home equity loans, lines of credit and reverse equity mortgages. Still many older people are paying down their mortgages anyway.
 

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