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how does the reverse mortgage work

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A reverse mortgage works by allowing homeowners age 62 and older to borrow from their home’s equity without having to make monthly mortgage payments. As the borrower, you may choose to take funds in a lump sum, line of credit or via structured monthly payments. The repayment of the loan is required when.

How Does a Reverse Mortgage Work. A reverse mortgage is a loan made by a lender to a homeowner using the home as security or collateral. With a traditional mortgage, the homeowner uses their income to pay down the debt over time. However, with a reverse mortgage the loan balance grows over time because the homeowner is not making monthly mortgage payments.

 · On a reverse mortgage, the homeowner may receive funds in a variety of ways: as a lump sum at the outset; as a monthly tenure payment, which continues until the borrower dies or moves out of the house permanently; as a monthly term payment over a period specified by the borrower; or as a credit line on which the homeowner can draw at her own discretion.

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For the right person, the HECM reverse mortgage is an outstanding product. But it's not for everyone. It's a special home loan designed to help.

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The reverse mortgage is just a loan like any other type of mortgage but with the extra ability to defer the interest charges rather than making mandatory monthly repayments. At any time you may repay the interest, refinance or sell your home without penalty.

A reverse mortgage is a loan for senior homeowners that allows borrowers to access a portion of the home’s equity and uses the home as collateral. The loan generally does not have to be repaid until the last borrower no longer occupies the home as their primary residence. 1 At that time, the estate has approximately 6 months to repay the balance of the reverse mortgage or sell the home to pay off the balance.

A reverse mortgage does just the opposite. Your balance increases over time as you access the equity stored up in your home. After reviewing how much equity is in your home, a reverse mortgage lender will give you cash in a lump sum, as monthly income or a combination of both.