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Things You Need To Know About Reverse Mortgage

  • Things You Need To Know About Reverse Mortgage

    by Calyn Ehid February 6, 2018

    A reverse mortgage starts with a homeowner who owes little or nothing to a typical mortgage lender. Thus, they own all or nearly all of the available home equity. It is this equity that forms the backbone of a reverse mortgage. Aside from equity ownership, reverse mortgages are geared towards senior citizens, with a minimum age requirement of 62. A loan officer should be consulted for details of how much outstanding mortgage a borrower may have while still being eligible for a RM.

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