What is a Reverse Mortgage?
Reverse mortgages are a particular type of mortgage loan that is insured by the FHA (Federal Housing Administration) and is available only to homeowners aged 62 or older. A reverse mortgage is unique from other types of mortgages because it is a loan that does not become due for as long as the homeowner resides in their primary residence.
Qualified homeowners may use a reverse mortgage to pay off an existing mortgage loan and cease making monthly payments. Other common reasons for which many senior homeowners choose a reverse mortgage are to pay for medical expenses and the costs of daily living.
Reverse mortgage calculation provided by ReverseVision.