Reverse mortgage is, as the name implies, the reverse of a typical mortgage. Instead of you paying a monthly mortgage payment to the bank, the bank pays you. You may choose to get paid on a monthly basis, a one-time lump sum payment, or to take an equity line and take out money on an "as needed basis." But in all cases, no monthly payment is made to the bank and money is not repaid until the last person in the home passes away, the home is sold, or the homeowner leaves the home for at least 12 consecutive months.

Another "reverse" from a typical mortgage is the fact that you do not qualify based upon credit history and income. To qualify the youngest person in the home (homeowner) must be at least 62 years old and must live in the home for at least 6 months out of the year.

One of the great features of a reverse mortgage is it is known as a "non-recourse" loan. This means if, after you pass, or sell the home, and you owe more than the home is worth, the bank cannot come after you or your heirs for the difference.

Eligible properties include single family homes, condos, townhouses, manufactured/modular homes built after 1976, and owner occupied rentals up to 4 units.

Why would a bank do this? In other words, how does the bank make money? It's simple… When you take money out, the bank charges interest on that money. When the home is finally sold the bank gets the money you pulled out, plus interest. And that is it. The house is used as collateral.

Get the "Reverse Mortgage Guide" to obtain a detailed explanation and to learn how to avoid the 5 biggest mistakes seniors are making… Mistakes costing some seniors tens of thousands of dollars.

Circumstances to consider a reverse mortgage:

• You wish to stay in your home for the foreseeable future. A reverse mortgage makes sense under this condition. If you plan on moving soon, you should consider alternatives.
• If you have a financial challenge you cannot seem to overcome using other means. You've looked into traditional mortgages or selling your home and they don't seem to be viable options.
• Looking to fund long-term health care. Many seniors take out reverse mortgages for exactly this reason.
• Simple peace of mind, knowing you have the funds available, if needed. A reverse mortgage equity line is the perfect choice for this third option because you actually earn interest on the unused money.

Now is the time to get your questions answered.
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