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As the name suggests, reverse mortgages work like a regular mortgage loan, but in reverse. With a traditional mortgage, the borrower receives the entire loan amount and spends a fixed amount of time, typically 30 years, repaying their lender. With a reverse mortgage loan, the lender lends a lower loan amount based on the borrower's age and the home's value and then uses the home's remaining equity to make the monthly payments.
This means that every month the balance owed to the lender grows. The borrower does not have to make monthly payments, and the lender must wait until the borrower sells, moves out, or passes away to get repaid.
If you have any mortgage and real estate questions, don't hesitate to message us! We'd love to connect you with one of our vendor partners who can help answer your reverse mortgage questions.

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