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what reverse mortgage means

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Reverse Mortgage Guides is a reverse mortgage educational website. Our goal is to help explain many of the pros and cons of a Home Equity Conversion Mortgage (HECM) for homeowners. We publish articles and tools for older Americans who are considering a reverse mortgage and want to become further educated before making a decision.

A reverse mortgage is a source of income in retirement. Bankrate explains. Glossary. Discover the definition of financial words and phrases in this comprehensive financial dictionary.

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To discuss the new opportunities present with the launching of its own proprietary reverse mortgage option, RMD sat down with Mike Kent, president of Liberty Home Equity Solutions, to discuss what the.

What is a reverse mortgage? A reverse mortgage is a special type of home loan only for homeowners who are 62 and older. A reverse mortgage loan allows homeowners to borrow money using their home as security for the loan, just like a traditional mortgage .

which can then lead to typical borrower worries regarding what the reverse mortgage could mean for family members in the future. After addressing those concerns with more information, any remaining.

That means the average senior has just $59,780 in liquid assets – hardly enough to fund a long, comfortable retirement. A reverse mortgage, also called a home equity conversion mortgage (HECM), lets.

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A reverse mortgage is a type of loan that’s reserved for seniors age 62 and older, and does not require monthly mortgage payments. Instead, the loan is repaid after the borrower moves out or dies.

If you take out a reverse mortgage, you can leave your home to your heirs when you die-but you’ll leave less of an asset to them.Also, your heirs will also need to deal with repaying the reverse mortgage, otherwise the lender will foreclose.. Reverse Mortgages. The most popular type of reverse mortgage is FHA’s Home Equity Conversion Mortgage (HECM).

A reverse mortgage is a loan available to a homeowner 62 or older who may be eligible to borrow against the equity in his or her home. Generally with a reverse mortgage, you receive money from a lender while you stay in your home.

The good news for heirs is that reverse mortgages are "nonrecourse" loans. That means if the loan amount exceeds the home’s value, the lender cannot go after the rest of the estate or the heirs.

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