Imagine a mortgage loan that does not require monthly payments. A reverse mortgage (RM) is just the type of mortgage loan, which is reserved for older homeowners. Being a type of home equity loan, it is usually repaid after the borrower(s) moves out or expire(s). While it is often considered a last-resort source of income, RM has become a popular retirement planning tool for many homeowners. Check out this infographic to find the answers to some of the frequently asked questions on RM.

1. www.orchestrate.com/blog/questions-need-ask-opting-reverse-mortgage/
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Yes, but a few conditions apply.
Repay by selling the property or get
it refinanced.
Would the estate remain under
the ownership of the applicant
Reverse Mortgage acts inversely to the contemporary
mortgage loan, as the borrowers aren’t required to make
payments for the money they have borrowed. Instead,
borrowers can pay back by accessing the equity built in
their home, while also using it as the collateral.
Yes, but it depends on the agreement between the lender and
the borrower(s).
Can the co-owner continue to stay at home while
the borrower moves out
What can the heirs of the
borrower do with the Reverse
Mortgaged property
Borrowers are free to use the proceeds as they wish.
How can the borrower collect the proceeds of the
Reverse Mortgage
Borrowers aged 62 & above, and who own a home.
Who are eligible for Reverse Mortgage
Facts on
REVERSE MORTGAGE