WHAT IS A REVERSE MORTGAGE AND HOW DOES IT WORK

A reverse mortgage is a loan designed to help you tap into the equity in your home.
It's called a reverse mortgage because, unlike a mortgage where you make payments, it pays you. In fact, one of the greatest benefits of a reverse mortgage is that you don’t have to make loan payments for as long as you live in your home.
There are, however, some very specific requirements to qualify. You must:
be age 62 or older live in your home as a principal residence and not be delinquent on any federal debt have enough equity to be eligible for the program meet certain HUD property standards

This is just a glance at what has become a quickly growing market trend. To better understand the intricacies of this or any mortgage or real estate issue, please call me for a confidential appointment. As your real estate professional, I am here to help in any way I can.