The Reverse Mortgage

Today we're going to talk about a reverse mortgage. A reverse mortgage is just like it sounds - a reverse of a standard mortgage, where a standard mortgage, you make payments each month and part of that payment goes towards principal and paying your mortgage down over time.

A reverse mortgage has zero payments.

So what happens is the interest is accruing and your mortgage grows over time?

The purpose of these mortgage is to help seniors stay in their home without having to worry about moving, because they can't afford their current regular mortgage they have on their property. You have to be 55 to qualify for these mortgages and other conditions apply, but ultimately you don't pay for. You don't have a mortgage payment for the rest of your life. You can stay in your home as long as you want, and the lender is paid back when you sell your home, or if the borrower passes away.

As always, if you have more questions, reach out to our team.

We're happy to help.