REVERSEMORTGAGE
Reverse mortgage
A reverse mortgage, also referred to as a Home Equity Conversion Loan, is a financial instrument that allows seniors to access the equity in their home without income or credit qualifications. Seniors must be a minimum age, live in their own home, and have equity in it. The important distinction between a reverse mortgage and a conventional mortgage is that there are no principal or interest payments required on the home while the borrower occupies the property. In the case of two borrowers being on title, should one permanently leave the property due to a death or hospitalization, the other borrower continues to remain in the home. Repayment is only required if ...The above text is a snippet from Wikipedia: Reverse mortgage
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