What Is a Reverse Mortgage

A reverse mortgage is a type of home equity loan that allows you to convert some of the equity in your home into cash but retain your home ownership. It works exactly the same as traditional mortgages, only in reverse. Rather than making a payment to your lender each month, the lender pays you through advances against your equity. All you need to do is to know your rights and responsibilities as a borrower to help minimize financial risks and avoid any threat of foreclosure or loss of income. When you are ready, you can choose between the three reverse mortgage plans available.

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