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Reverse mortgages, also known as home equity conversion mortgages, are a type of home loan specifically designed for senior citizens to take money out of the equity of their home and put money back in the their pocket. Without a reoccurring monthly income, most retirees rely on a fixed income generated from social security, as well as prior retirement investments. As a result, seniors commonly struggle to pay their living expenses and healthcare costs. Just as the name suggests, reverse mortgages are the opposite of a normal loan, because the bank or lender is paying the senior.
Reverse mortgages are available to those over the age of 62, and may only be obtained on the primary residence. The senior is obtaining money based on the value or equity of their own home that has accrued with house payments over time. The senior does not have to repay the mortgage until they die, move out of the home, or sell the home. In certain circumstances, the senior can actually receive more money than the house is worth, and they are not liable for the difference. The senior is still responsible for managing the property taxes, insurance, and any other fees associated with the area or community.
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