How to Find the Best Reverse Mortgage Lender

Reverse mortgage loans are an excellent way for homeowners to put their home equity to use to receive a large loan that they can use however they see fit. Although reverse mortgages are relatively easy to qualify for as long as you’re 62 or older and have equity in your home, it’s not always easy to find reverse mortgage lenders. Reverse mortgages tend to be more complicated than traditional mortgages, which means not all mortgage lenders offer them.

What Is A Reverse Mortgage Loan?
Reverse mortgages are a unique loan type only available to homeowners aged 62 and up. Essentially, it allows you to take out a home loan using the equity you have in your house. You can receive this loan as a lump sum, a line of credit, or as a monthly payment.

A reverse mortgage is attractive to many homeowners because you won’t be required to make monthly payments. Instead, the loan balance will become due once the borrower passes away. If the family of the deceased (or whoever the house was left to) cannot pay off the balance of the loan, the lender will sell the property to recover their money.

Continue reading on the next page how to find the top rated reserve mortgage lenders.