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A reverse mortgage is a loan against the equity in your home that provides tax-free cash advances, but requires no payments during the term of the loan. Since there are no monthly payments during the life of the loan, the balance grows larger and the equity gets smaller.

The loan is not due and payable until the borrower no longer occupies the home as a principal residence, e.g. the last surviving borrower sells, moves out permanently or passes away.

To qualify for a reverse mortgage you must be at least 62 years old and own your own home or condominium. There are no income or credit requirements to qualify. Based on the amount of benefit, which you qualify for, you may be eligible for a reverse mortgage even if you still owe money on your first mortgage. And the older you are, the more money you can get back.

One of the major benefits of this loans is that they are "non recourse" which means that no matter how high the loan balance grows, the borrower or their heirs never owe more than the home's market value.

There is a common misconception that borrowers no longer own their homes when they take out a reverse mortgage. That is not true. You Still Retain The Title To Your Home. The proceeds from a reverse mortgage are available as a lump sum, fixed monthly payment, or a line of credit or a combination of these options for as long as you live in the property. The amount of benefit that you will qualify for, will depend on your age at the time you apply for the loan, the type of reverse mortgage you choose, the value of your home, current interest rates, and for some products, where you live.

As a general rule, the greater your equity, the larger the reverse mortgage benefit will be. You must first meet with an independent reverse mortgage counselor before applying for a reverse mortgage. The counselor's job is to educate you about reverse mortgages, to inform you about other alternative options available to you given your situation, and to assist you in determining which particular reverse mortgage product will best fit your needs if you elect to get a reverse mortgage. This counseling session is at no cost to the borrower and can be done in person or over the telephone.

The costs associated with getting a reverse mortgage are similar to those with a conventional mortgage, such as the origination fee, appraisal and inspection fees, title policy, mortgage insurance and other normal closing costs. With a reverse mortgage, all of these costs can be financed as part of the mortgage.