If you happen to be close to retirement and are looking at options that will be more financially beneficial for you, here are the details for a reverse mortgage and how this product can work for you.
Reverse Mortgage details
In short, a reverse mortgage is a type of home loan secured by a primary residence, where repayment is deferred to a later date – generally when the home sells. This loan allows you to convert some of the equity in your home without having to sell your home. This type of mortgage is only available to homeowners who are 62 or older and they are not required to make monthly mortgage payments. (although making payments can be an option)