"Reverse" Mortgages

        A reverse mortgage is a mortgage that allows older homeowners to use the equity in their home as tax-free income without having to take on a mortgage payment.  To qualify for a reverse mortgage the borrower must be at least 62 and have significant equity in his/her home.

A reverse mortgage is basically designed for elderly Americans who own their homes. Instead of the borrower paying the lender, the lender pays the borrower. The lender pays the homeowner cash in exchange for the equity in their home. This is a great program for the elderly homeowners who need to tap into the equity in their homes.

The total amount that lenders will offer varies based on many factors; The market value of your home as determined by an appraisal, the borrowers age, the amount of current equity in the home. The Reverse Mortgage payment can be combined all in one payment, or delivered in monthly installments.