What is a Reverse Mortgage ?

A reverse mortgage is used to convert home equity into cash. Payments take the form of a lump sum , line of credit or monthly payments over a specified number of years or over the life of the borrower. The amount being drawn is from the borrower's principal and considered tax-free and Benefits. Generally, the homeowner borrower must be age 65 or older and the residence must be close to being totally paid off.