Reverse Mortgages

A reverse mortgage loan is a special type of mortgage loan for seniors (generally age 62 and older).

Unlike a traditional mortgage, a reverse pays you loan proceeds drawn from your home's equity. No repayment is required until you no longer live in the mortgaged home. In a reverse mortgage, you keep the title to your home. That means you are responsible for property taxes, insurance, utilities, fuel, maintenance, and other expenses.