Reverse Mortgage

A reverse mortgage is a loan, but it is only available to homeowners that are over a certain age and that have a specific amount of equity in their homes. While the typical loan requires monthly payments, the reverse mortgage does not. The reverse mortgage is never paid back until the homeowner moves, sells, or passes away. If the borrow moves into some sort of retirement community, plans are then put in place to pay the loan back through the equity in the home. The money that is given from the reverse mortgage can be used for anything the borrow desires. It can be a good way to make their retirement years go by a little easier, or they can use it to take a lot of vacations. Either way, the borrow is eligible to spend the money on whatever he or she desires, without having to worry about paying it back out of their own pockets.