With a reverse mortgage, there are no monthly mortgage payments from you. As one of your most important assets, your home usually holds a certain amount of equity. Because of this equity, when the time comes someday for the loan to be repaid, the value of the home when sold is able to re-pay the loan. Meanwhile, you are able to live in the home for as long as you like without making monthly mortgage payments. Your only obligations as a borrower are to continue to pay taxes and insurance on the home, keep it in good condition and comply with the other loan terms. Here are additional details on how a reverse mortgage works.
How does a reverse mortgage work?
April 30, 2014