Reverse Mortgage
A Reverse Mortgage is a loan for adults 62+ which is insured through the Federal Housing Administration (FHA), and allows homeowners to convert their home equity into cash with no monthly mortgage payments. Homeowners are still responsible for paying property taxes and insurance. In order to apply for a Reverse Mortgage you must own your home outright, or be able to pay your home off at closing with the money provided through the Reverse Mortgage. A Reverse Mortgage is often a good solution for home owners who plan on staying in the home for the remainder of their lives or if the home is in need of improvements to help the home owner as they age.