Reverse Mortgage

Reverse Mortgages are for those 62 years of age and older.  There is no monthly principal and interest payment.  Borrowers need to have between 40% - 50% equity in order to be eligible.  Reverse mortgages can be used for refinances or purchases.

Reverse Mortgage principal balance will increase over time because there is no interest and principal payment being paid.  This is called "negative amortization".

For more information on Reverse Mortgages...click here