A reverse mortgage is a type of loan available to homeowners age 62 or...
A reverse mortgage is a type of loan available to homeowners age 62 or older. Unlike a traditional mortgage, where you make payments to the bank, a reverse mortgage allows the bank to make payments to you. The loan is secured by your home, and you don’t have to repay it until you move out, sell the house or pass away. Most reverse mortgages in the U.S. are Home Equity Conversion Mortgages (HECMs), which are insured by the Federal...