Reverse Mortgage

A reverse mortgage is a type of loan that allows homeowners, typically aged 62 or older, to convert a portion of their home equity into cash without selling their property. Unlike traditional mortgages, where the borrower makes payments to the lender, with a reverse mortgage, the lender makes payments to the borrower. The loan is repaid when the borrower sells the home, moves out, or passes away. 

Reverse mortgages require careful evaluation of the borrower’s equity and long-term financial planning to ensure the loan meets the borrower’s needs while managing repayment risks.