With so many mortgage products available on the market, it can be hard to know which ones will serve you best as a homeowner. It can be confusing! Is a reverse mortgage the best option?
You Must Own Your Home
You have to be on title to your home as a borrower and you can have a mortgage too. It is to your advantage to be free and clear of a loan balance, however, if you have one, it helps that it is small enough to be paid off. The reverse mortgage loan is placed in the first position as a refinance. If there is a mortgage already on the house, the reverse mortgage pays it off. The result is no monthly payments!