Reverse Mortgage Information

The reverse mortgage originally came about in order to help seniors stay in their home as they age.

While that premise remains unchanged, there are several new features and layers of protection built in to help today’s seniors more than ever before.

A reverse mortgage loan is, quite simply, a mortgage loan in reverse. With a traditional loan the homeowners borrow a sum of money and pay it back over a period of monthly installments, typically up to thirty years.

With a reverse mortgage repayment is deferred until the homeowners pass away, move out for at least twelve months, default on tax and insurance requirements or fail to maintain the home.

In other words, you can live in your home without having to make a traditional principal and interest mortgage payment ever again.