Although interest rates are on the rise, it's still a great time to purchase a home. Speak with one of our expert loan officers today!

What is a reverse mortgage, and who qualifies for it?

A reverse mortgage differs from a traditional mortgage in that the loan is repaid when the borrower no longer lives in the home. The loan balance grows each month as interest and fees are tacked on. Homeowners with reverse mortgages have to pay property taxes and insurance and use the home as their primary residence. This option is popular with older buyers; some loans even have age requirements above 60.

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