A Reverse Mortgage is another type of mortgage that allows a homeowner to access the equity in their home. With a Reverse Mortgage, you do not have to any income to qualify. It is also required that you are over the age of 62 years old, so this loan product is perfect for retired seniors who need to access the equity in their home for one reason or another.

It is called a Reverse Mortgage because instead of making payments to the mortgage company, you will be receiving payments. A borrower can choose to receive their payments in a lump sum or fixed payments (monthly, quarterly, annually, etc.) and are not required to pay anything back to the bank until they decide to sell the home, refinance into a traditional mortgage, or if they pass away.

It is required that you the home is your primary residence and you have at least 50% equity. There are some other variables that vary from lender to lender regarding the specifics of a Reverse Mortgage so it is important that you speak to your lender about them.