Reverse Mortgage Loan


  • A type of loan that allows elderly homeowners to convert built-up equity into cash. The loan comes due if the homeowner sells, moves, or passes away.
  • An arrangement, often used as part of a retirement plan, in which a homeowner can borrow on the equity held in his or her home causing a negative amortization. Homeowners over the age of 60 can borrow up to 40% of the value of their home and receive monthly tax-free payments from a lender. Also called a lifetime mortgage, reverse-annuity mortgage or home equity conversion mortgage.


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