what is a reverse mortgage


This video, https://www.youtube.com/watch?v=Az2rk1DU1hI, can also be seen at https://www.youtube.com/channel/UCamB8cjJwYKSgIpUBWwBdJQ.If you are a co-borrower on the HECM reverse mortgage and: You live alone because your co-borrower has died or already lives elsewhere , your loan must be paid off when you die. You live with a spouse or partner who is a co-borrower on the reverse mortgage with you , your co-borrower can continue to live in the home after you pass away.However, if the owner fails to pay insurance and property taxes, the reverse mortgage is deemed in default and the owner is in danger of foreclosure. Success, and failure. For many retirees, such as 73-year-old Robert Lee White of Fort Lauderdale, Fla., a reverse mortgage can be nothing short of a lifeline.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.A reverse mortgage is a loan that allows you to get money from your home equity without having to sell your home. This is sometimes called "equity release". You may be able to borrow up to a certain percentage of the current value of your home. The maximum amount you will be able to borrow will.Features of Reverse Mortgages With a reverse mortgage, the borrower always retains title or ownership of the home. The lender never, at any point, owns the home even after the last surviving spouse permanently vacates the property.The share of homeowners who maintain a traditional forward mortgage is at 62.9 percent, accounting for the lowest level of.What is a reverse mortgage? A reverse mortgage is a loan that’s taken out against the equity in your home and it’s unique in that it doesn’t require a monthly payment. The amount you borrow simply accumulates until you either move or pass away, at which point it can be paid off by selling the house or by drawing from other assets.characterizing reverse mortgages as “misunderstood,” a new article that aims to answer five key questions for potential borrowers before making a decision about engaging in a reverse mortgage.