Reverse Mortgages Explained

Reverse Mortgage FAQ>>> What is a Reverse Mortgage?

A reverse mortgage is a loan which allows you to convert some of your home's value into tax-free cash. It would probably be less confusing if they were called Senior Home Equity Loans. A reverse mortgage is a resource that can lead to a stress free retirement by taking advantage of the equity you've built up in your home. The equity which you've built up by making your mortgage payments over the years can now be paid back to you.

A reverse mortgage enables you to continue living in your home. You retain ownership although you have the advantage of "selling" your equity to the bank so they will in turn pay you cash. You are then free to spend the cash in any way you see fit.