A Reverse Mortgage Is…
A short, plain-language definition: a reverse mortgage is a way for older homeowners to access the equity they have built without selling their home or taking on a monthly mortgage payment. It is essentially the opposite of a traditional mortgage — instead of making payments to build equity, you draw on equity you already have.
Key points
- Access equity without selling your home
- No monthly mortgage payment required
- The 'reverse' of a traditional mortgage