Reverse Mortgage Providers - What You Should Know...
What is a reverse mortgage?
A Reverse Mortgage is a loan designed for seniors that allows them to tap into the equity that has built up in their home. A reverse mortgage provides tax-free cash advances, but requires no payments during the term of the loan. Since there are no monthly payments during the life of the loan, the balance grows larger and the equity gets smaller.
The loan is not due and payable until the borrower no longer occupies the home as a principal residence, e.g. the last surviving borrower sells, moves out permanently or passes away. Read the full story...