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The Reverse Mortgage Media Room  A reverse mortgage is a mortgage with special terms for senior homeowners 62 and older. Like a conventional loan the borrower owns the home and the title remains in the borrowers' name. However, unlike conventional loans there are no income, asset, or credit qualifications with a reverse mortgage. And with the reverse mortgage payments are not required during the term of the loan. The reverse mortgage is paid when the home is no longer the primary residence of the borrower(s). Additionally, as a non-recourse loan, with the reverse mortgage there is no personal liability to the borrower or their heirs at the time the loan balance is due.
Paterson says, "A reverse mortgage is often the only option seniors have to stay in their home; retire or don’t feel like they have to work; avoid foreclosure; pay for medical expenses and home care; or even have money for themselves after their social security runs out at the end of the month. If they’ve had a forward or conventional mortgage but are scrimping on their needs, paying off a traditional loan with a reverse mortgage will improve their cash flow." She continues, "Options that may have once been an option for seniors, such as qualifying for a home equity loan or relying on investment income, are no longer possible. Reverse mortgages are usually a lifeline for seniors and gives them security, independence, dignity and control as well as choices for their retirement." |
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