A Reverse Mortgage is a financial tool, a loan, available exclusively for homeowners age 62 and older. It allows you to convert a portion of your home equity into cash. Instead of making loan payments, the lender pays you. You make no repayment of the loan until you no longer live in the home.
- You ALWAYS retain title to your home (as long as you comply with loan terms such as paying property taxes and insurance).
- You can receive tax-free loan proceeds in several ways.
- You can use your loan proceeds any way you choose.