Reverse Mortgages

  • Description: A reverse mortgage is a loan that allows eligible homeowners aged 62 or older to borrow against the value of their home. Funds can be received as a lump sum, fixed monthly payment, or line of credit. Unlike traditional mortgages, no loan payments are required during the homeowner’s lifetime.
  • Eligibility:
    – Homeowners aged 62 or older
    – Seniors in or nearing retirement
    – Homeowners with considerable home equity