Reverse

HOME MORTGAGE

 

A reverse home mortgage occurs when you take out a MORTGAGE, but instead of getting a lump sum and making payments to the lender, the lender makes payments to you. That is where the term "reverse" originates from. We generally do not recommend reverse home mortgages. It is a very rare situation where a reverse home mortgage is the best alternative.  

In a reverse home mortgage, the lender ends up owning the home after all the payments have been made. This may makes sense for elderly folks who have no children to leave their property to. However, please check with your attorney and financial advisor before signing papers for a reverse MORTGAGE.

 

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