A Reverse Mortgage allows homeowners, 62 years of age or older, to access a portion of the home equity of their primary residence. Unlike a regular mortgage, there are no income requirements for applicants and no mortgage payments are due until the last borrower sells the property, permanently moves out of the property, or dies. The equity a borrower receives can be in the form of a lump sum, a regular monthly payment, a credit line, or any combination of the above methods. When the last borrower sells, permanently moves out, or dies, the loan can be paid off with sale proceeds or estate assets.
If you have any questions about reverse mortgages, call New Bedford Real Estate Attorney Brian Glover at (508) 990-4555.