A "reverse mortgage" is a type of financing option that allows homeowners to borrow against the value of their house. But unlike a home equity loan, in which the homeowner must make payments on a regular basis, a reverse mortgage only needs to be paid back after the homeowner dies or sells the house. This type of mortgage is especially useful for older homeowners who need cash for things such as paying off the current mortgage or paying for increasing health care expenses. Below is information on reverse mortgages, including reverse mortgage basics and tips on getting the best deal on a reverse mortgage loan.
Learn About Reverse Mortgages