A reverse mortgage is a type of loan that allows homeowners aged 62 and older to convert a portion of their home equity into tax-free cash without having to sell their property, give up the title, or make monthly mortgage payments. Here are some key points about reverse mortgages
To qualify for a reverse mortgage, homeowners must be at least 62 years old, reside in the home as their primary residence, and have sufficient equity in the property.
While a reverse mortgage allows homeowners to access their home equity, they remain the owner of the property. As long as they comply with the loan terms, they can live in the home and benefit from any future appreciation.