reverse mortgage

A reverse mortgage is a type of mortgage that is only available to those who own outright or mostly own their home and are over the age of 62. In this type of loan, the mortgage company makes a monthly, annual or lump sum payment to the property owners. This payment is usually monthly and will continue for the rest of their lives. In exchange, the mortgage company will own the home they are living in after both owners have died. At that time, the mortgage company will sell the property to recoup the costs. It may also be purchased, with interest, from heirs at that point. A reverse mortgage is one type of retirement income that many people are using to compensate their other income.

Fast Facts

The number of senior citizens who could take out a reverse mortgage in the United States is more than 20 million.
The numbers of retired persons who will use a reverse mortgage will double an estimate over the next ten years as more baby boomers qualify.

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Reverse Mortgage For Seniors

With the increasing popularity of reverse mortgages, senior citizens are being faced with decisions that will ...
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Estate Planning

Are you in need of professional advice regarding estate planning?...
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Retirement Investment Planning

Do you know how much money you will retire with? Socking away money for retirement is a great idea, but how mu...
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Financing A Home

Homeownership has always been an essential piece of every American dream. Even today amidst an overall reserv...
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