A reverse mortgage is a first mortgage loan that can be used to pay off an existing mortgage, get cash out, or set up a line of credit for future draws.
The main differentiator between it and a regular mortgage is that no principal or interest payment is required while you live in the home and stay current on the property charges.
Private or jumbo reverse mortgages that are not government-insured but are still non-recourse.
The use of a reverse mortgage to help acquire a property vs. the standard refinance.
A common misconception is that reverse mortgages don’t require any credit or income standards. There are age, property type, equity, credit, and income requirements.
Learn more about how reverse mortgages work.
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