There are many mortgage products on the market that work for all different kinds of homebuyers, but many people have not heard about reverse mortgages and how they can benefit their situation. If you are curious about this type of mortgage and want to know more, here are some questions that will get you on the road to understanding the ins-and-outs of this product.
What’s A Reverse Mortgage?
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.