Retire Smart Compare Reverse Mortgage Lender Secrets Today

How Reverse Mortgages Work

A reverse mortgage is essentially a loan against the equity of your home. The amount you can borrow depends on several factors, including your age, the value of your home, and current interest rates. The loan doesn't need to be repaid until the homeowner sells the house, moves out permanently, or passes away. At that point, the proceeds from the sale of the home are used to repay the loan, with any remaining equity going to the homeowner or their heirs.