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A reverse mortgage is a mortgage loan, usually secured by a residential property, that enables the borrower to access the unencumbered value of the property. The loans are typically promoted to older homeowners and typically do not require monthly mortgage payments.
A reverse mortgage is a type of mortgage loan that enables older homeowners to cash out some of their home equity without making monthly loan payments.
A reverse mortgage allows homeowners age 62 and older to tap into their home equity without having to sell the home. Reverse mortgages don't require monthly payments.
A reverse mortgage is a type of home loan for seniors ages 62 and older. Browse Investopedia’s expert-written library to learn about how they work and more.
With a reverse mortgage, you borrow against your home’s equity, which is the difference between what you owe on your mortgage and what your home is currently worth. To determine how much money you can receive from a reverse mortgage, your lender will order an appraisal of your home.
A reverse mortgage is a type of loan that allows homeowners ages 62 and older to borrow against their home’s equity for tax-free payments.
A reverse mortgage is a loan that allows qualified homeowners who are age 62 or older to take part of their home's equity as cash, either as a line of credit, or monthly or lump sum payment, or combo of a credit line and payments.
With a reverse mortgage loan, the amount the homeowner owes to the lender goes up–not down–over time. This is because interest and fees are added to the loan balance each month. As your loan balance increases, your home equity decreases. A reverse mortgage loan is not free money.
Here’s what to know about the potential risks, how reverse mortgages work, how to get the best deal for you, and how to report reverse mortgage fraud. How Reverse Mortgages Work Things To Consider Before You Get a Reverse Mortgage
Understand reverse mortgages. A reverse mortgage is a special type of mortgage loan for homeowners who are 62 or older. Watch this two-minute video so you know how they work, and what to consider before applying.