A reverse mortgage is a special type of home loan that lets a homeowner convert a portion of the equity in his or her home into cash. The equity built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence. More and more extremely reputable lenders are now offering their own proprietary loans as well.
Reverse mortgages are becoming more and more popular every day. Last year, the number of reverse mortgages increased by 80%. They can give older Americans greater financial security to supplement social security, meet unexpected medical expenses, make home improvements, and can help maintain financial independence.