Wake Magazine

Reverse mortgages - which are a specialized type of home equity loan available to Americans age 62 or older - offer the homeowner a chance to get paid by the mortgage company, instead of the other way around. A reverse mortgage is a great tool for those who have paid off a home or have a large amount of accumulated equity, because it affords an opportunity to tap into that cash value without having to sell the home or move elsewhere. And thanks to recent changes in the rules and regulations regarding reverse mortgages, they are safer and more affordable than ever before, making them extremely popular with the huge demographic of retiring “Baby Boomers.” Meanwhile younger Americans - or those on the cusp of the boomer generation - may have parents or grandparents who are senior citizens. As they help those relatives figure out how to plan for their financial futures many will turn to the reverse mortgage as a convenient solution.
Here’s an overview of how the reverse mortgage works:
A reverse mortgage allows homeowners 62 and older borrow against their equity without making any payments to the lender. As long there is sufficient equity in the home, a reverse mortgage is feasible. There are no special income or medical requirements.The amount of funds received depends on the owner’s age, the appraised value, and current interest rates. Usually those who are older and have more valuable homes are eligible for more money.
reverse mortgage loan