Results for tag: "Reverse Mortgages"

A reverse mortgage is a type of mortgage loan that allows homeowners to borrow against the equity in their home. Unlike a traditional mortgage, a reverse mortgage does not require monthly payments and the loan does not need to be repaid until the homeowner dies, sells the home, or moves out. The loan is repaid by the sale of the home or from the homeowner's estate. Reverse mortgages are typically used by older homeowners who need additional income to supplement their retirement income. The loan proceeds can be used for any purpose, including home repairs, medical expenses, or other living expenses. Reverse mortgages are offered by a variety of lenders, including banks, credit unions, and mortgage companies. The terms and conditions of the loan vary depending on the lender and the borrower's individual circumstances. Some of the companies in the reverse mortgage market include American Advisors Group, One Reverse Mortgage, and Reverse Mortgage Funding. Show Less Read more