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A "reverse" mortgage is a loan against your home that you don't have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. The cash you get from a reverse mortgage can be paid to you in several ways:

  • all at once, in a single lump sum of cash;
  • as a regular monthly cash advance;
  • as a "creditline" account that lets you decide when and how much of your available cash is paid to you; or
  • as a combination of these payment methods.

No matter how this loan is paid out to you, you generally don't have to pay anything back until you die, sell your home or permanently move out of your home. To be eligible for the majority of reverse mortgages, you have to own your home and be 62 years of age or older.

Reverse mortgage (re·verse - mort·gage): A type of loan, esp. for a retired or elderly persons, in which tax-free payments are borrowed from and up to the full equity in a home; also called reverse annuity mortgage, [home equity conversion mortgage] A special type of loan available to equity-rich, older owners. Repayment is not necessary until the borrower sells the property or moves into a retirement community.

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