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How does a reverse mortgage work?
A reverse mortgage loan allows you to unlock a portion of equity in your home with no required monthly mortgage payment.* The loan balance grows over time and is typically repaid when you sell the home, no longer use it as your primary residence, pass away, or don’t comply with the loan terms. Learn More
*The borrower must meet all loan obligations, including living in the property as the principal residence, maintaining the home, and paying property charges, including property taxes, fees, hazard insurance. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.
Disclaimer
This article is intended for general informational and educational purposes only and should not be construed as financial or tax advice. For tax advice, please consult a tax professional. For more information about whether a reverse mortgage fits into your retirement strategy, you should consult your financial advisor.
