What is Reverse Mortgage A reverse mortgage could be an excellent way to supplement your retirement income. Let us first understand how the reverse mortgage works. First, think of how your home mortgage works as you make monthly payments, the amount of equity in your home increases. This equity is the money that is tied o the value of your home. A reverse mortgage allows you to borrow that money in payments made back to you. As you receive cash payments, the equity in your home decreases gradually. Also, the loan balance slowly increases over time. The reverse mortgage is repaid if the homeowners or the borrowers leave the house. A reverse mortgage allows you to access the cash in your home while you still live in it. How Does Reverse Mortgage Work (Rules) There are some rules for reverse mortgages . The borrowers must be at least 62 years old. The property in question must be your primary residence. You must own your home and have substantia...
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