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Reverse Mortgage Information A Reverse Mortgage (RM) is a loan available to people 62 and older who want to use the equity in their homes as a means of creating income. The RM pays you, whereas other loans require you to pay the lender. The most common type of RM provides a fixed monthly payment to an individual or a couple until both persons die. The remaining equity value of the home is available to their heirs. Other types of reverse mortgages offer a lump sum now with no need for future payments. There are no income or asset requirements for most RM loans, and the monthly payments continue as long as you own and live in your home. The main purpose of a Reverse Mortgage is to allow seniors to remain in their homes and also receive additional monthly income for current and future expenses. If you have a small existing mortgage or no mortgage, want to stay in your current home, and desire a guaranteed monthly income, a Reverse Mortgage may be a good choice for you.
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