Reverse mortgages (also called "home equity conversion loans") give older homeowners the ability to use their home equity without selling their home. Choosing between a monthly payment, a line of credit, or a lump sum, you can take out a loan amount determined by your equity. Repayment isn't required until after the borrower sells the property, moves (such as to a care facility) or dies. You or an estate representative is required to pay back the reverse mortgage amount, interest, and other finance fees at the time your house is sold, or you are no longer living in it.
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