What is a reverse mortgage?asked August 1, 2012 in Reverse Mortgages
Answer from Anonymous
A reverse mortgage is a type of home loan that lets homeowners turn their homes' equity into cash that may be paid to them in a lump sum, monthly payments or other forms. To qualify you have to be 62 years old (or older) and the house must be your primary residence. It is a loan but no monthly payments are made -- the balance must be paid off if the homeowner dies, sells the home or has another primary residence.