Q: What is a reverse mortgage?

A reverse mortgage is a loan for homeowners age 62 or older that allows them to convert part of their home equity into tax-free cash without selling the home or making monthly payments. When the homeowner permanently moves out of the home or passes away, the money used—plus interest—is deducted from the value of the home. The heirs can then sell the home to receive any remaining equity, or they can refinance the balance and keep the home.

Get more details and schedule an appointment with a reverse mortgage specialist.