How does a reverse mortgage work?

A reverse mortgage is a type of loan where the lender pays you cash, and you don’t have to pay it back until you leave your home.

You will never owe more than your home is worth.

Nor can the lender force you out of your home, so long as you keep maintaining the property and paying your property taxes and home insurance.

The amount of money you get is a function of your age, equity, location and property type. Use this reverse mortgage calculator to get a rough idea of what you might qualify for.

More reverse mortgage details.