REVERSE MORTGAGE
A reverse mortgage loan, like a traditional mortgage, allows homeowners to borrow money using their home as security for the loan.
Also like a traditional mortgage, when you take out a reverse mortgage loan, the title to your home remains in your name.
However, unlike a traditional mortgage, with a reverse mortgage loan, borrowers don’t make monthly mortgage payments.
With a reverse mortgage loan, homeowners are required to pay property taxes and homeowners insurance, use the property as their principal residence, and keep their house in good condition.