A loan available to homeowners age 62 or older. It allows homeowners to turn their home’s equity into cash. At least one of the borrowers needs to be age 62 or above.
Reverse mortgages do not need to be repaid as long as one of the borrowers lives in the house
Borrowing against home equity
Reverse mortgages usually eliminate any other ongoing mortgage payments
Borrowers can choose to receive a monthly payment, lump sum, or line of credit to use against the house. Or even a combination of these three.