What is a reverse mortgage?

A reverse mortgage is a special kind of loan for seniors allowing homeowners ages 62 and up to borrow money against the equity built up in their home. It is a safe and easy way to turn home equity into cash. You are not required to make any monthly principal and interest payments. You are responsible for payment of property taxes, homeowners insurance, HOA dues and regular property maintenance. This loan is not due as long as you live in your home and maintain the items previously mentioned.