Reverse Mortgage

A Reverse Mortgage Loan is a loan against your home that you don't have to repay as long as you live there. In a typical mortgage loan (15 year, 30-year, adjustable rate, and so on), your monthly loan payments reduce your debt over time until you've paid it all off. Meanwhile, the equity in your home is rising as you repay your mortgage and as your property value appreciates.

The bank or reverse mortgage lender sends you money and your debt grows larger and larger over time as you keep getting cash advances on the property. You make no loan payments, and subsequently, interest is added to the outstanding loan balance.

To summarize, reverse mortgages are different from typical residential home mortgages in two important respects:

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Mortgage Types
Mortgage Refinance
2nd Mortgage
Reverse Mortgage
Adjustable Rate Mortgage
Fixed Rate Mortgage
Interest-only Loan