Reverse mortgages offer senior homeowners a way of using the equity in their home to supplement their retirement income.
A special program for the elderly that provides income until death. Payment requirements are arranged through the increase in the principal amount of the loan.
A reverse mortgage is a loan facility that allows you to use the equity in your home to enjoy life in retirement. This is a special loan where you can choose to make no repayments until your home is sold, which only occurs when you leave your home or at death. The home is then sold and the proceeds of the sale used to repay the loan. Any amount left over will go to you or your beneficiaries.