Real Estate Glossary

What is Reverse Mortgage?

A reverse mortgage is a type of loan that allows homeowners who are 62 or older to borrow against the equity in their home. Instead of making monthly payments to the lender, the lender makes payments to the borrower, and the loan and interest are repaid when the borrower dies, sells the home, or moves out of the home permanently. These loans can be a way for older homeowners to access cash without having to sell their home, but they can also be costly and have significant downsides. It's important for a borrower to fully understand the terms and conditions of a reverse mortgage before taking one out.

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