Reverse Mortgage

Also known as a Home Equity Conversion Mortgage, it’s a tool used by people aged-62 and older to access the equity in their home.┬áThe homeowner is granted a loan based on the home’s value, his/her age, and prevailing interest rates, which will never need to be paid off. Instead,┬áthe home will be used to repay the loan (with interest) when the homeowner passes away.