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Reverse Mortgage: Home Loan for Seniors (1)

Adapted from an article on Mortgagefit.com
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The piece below is drawn primarily from an article on the Mortgagefit.com website, posted by a Site Admin named Sam.  It provides an overview of what a reverse mortgage is and how it typically works. Senior citizens are the primary candidates for reverse mortgages, since this financial vehicle provides a steady income from an asset most seniors possess, and may even own outright – their homes.  --Dr. Don Rose, Writer, Life Alert
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A reverse mortgage, or reverse equity mortgage, is a home loan that’s different than the home loans most people think about.  In fact, it’s the reverse, hence its name.  The reverse mortgage does not need to be paid back, as long as the homeowner occupies the property. It provides a way of converting a senior’s home equity into cash, and does not require monthly payments as in other mortgages. Reverse mortgages are best suited for, and typically targeted to, homeowners who are 62 years of age and up.
A reverse mortgage allows a borrower to receive cash in a number of ways:
  • The cash can be received in one single payment.
  • The loan can be offered as regular monthly cash advances.
  • The reverse mortgage may also be offered via a credit-line -- an account which allows the borrower to withdraw a variable amount of cash whenever it is needed.
  • The reverse mortgage loan is also available as a combination of monthly cash advances and the aforementioned "credit-line account".
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