A reverse mortgage is a type of loan that lets seniors convert a portion of their home’s equity into cash. Generally, to qualify for a reverse mortgage you must be 62 or older, the home must be your primary residence, the property must be in good condition, you cannot be delinquent on...
Bankrate and AARP take a more subdued stance, stating that“the interest rates on reverse mortgages vary by lender, but tend to be higher compared to a regular mortgage”4and“reverse mortgage interest rates tend to be a bit higher than rates for home equity loans or home equity lines of c...
The reverse mortgage debt does not become due until the house is sold or the homeowner(s) move out permanently. At that time the lender likely will receive payment of the loan balance through the sale of the home, though in order to keep the house in the family, the homeowner or family...
* Independent Living Resource Center. This nonprofit group also publishes a list of reverse-mortgage lenders and a brief description of alternatives. But unlike the AARP, the center focuses only on California--which means its list tends to be more up-to-date than those offered by other agencies...