Reverse Mortgage Basics
You have to be over 62 and own a home with considerable equity to qualify for a reverse mortgage. A reverse mortgage enables you to access home equity to improve cash flow. You have no personal responsibility to repay the loan. Your heirs have no personal responsibility to repay the loan.
You DO have personal responsibility to maintain the home as your primary residence and to pay property taxes and insurance, but there is no obligation to pay interest or principal while you live in the home.
Sandra - Rural San Diego County
"I thought about a reverse mortgage for a long time before deciding it was right for me. David was very patient and conscientious and his daughter makes wonderful lemon coconut cookies!"