Old age couple

Photo courtesy: prakhar

What is a reverse mortgage?

A reverse mortgage, as the name suggests is opposite of normal housing loan (mortgage) and is available only to senior citizens.

How does it work?

Once you pledge your house for reverse mortgage, the bank after carrying out its due diligence will arrive at the value of the house. After creating the room for interest cost and price fluctuations, the bank will disburse the balance amount to you depending on the payment amount you choose. Continue reading “5 Things to Know if You’re Interested in a Reverse Mortgage” »