Designed to assist senior citizens living on limited incomes, Reverse Mortgages enable homeowners who are at least 62 years of age to remain in their home. Instead of making monthly mortgage payments, homeowners actually receive payments secured by the home's equity from the lender. Thus, it was named a Reverse Mortgage.
As long as homeowners participating in a Reverse Mortgage continue to live in the home as their principal residence or do not fail to meet the obligations of the mortgage, they do not have to repay the amount. Property taxes, homeowners insurance and condominium fees (if applicable for condo owners) must also remain current. At the time the home is sold or vacated by the borrowers, the loan must be paid back.
While there are no guidelines on how the funds must be used, Reverse Mortgages were created to provide senior citizens who live on limited incomes a wonderful opportunity to access funds to help support monthly living and health care expenses.
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