A reverse mortgage is a “loan” of sorts, available to homeowners over the age of 62 to be used for just about anything—except stock market investment or speculation. Simply put, the traditional mortgage payback stream is reversed, and the lender pays the homeowner one lump sum at closing; a line of credit with a growth factor; or monthly installments of up to $625,000 over a specified period, depending on equity accrued.
Ramona d’Viola
April 04, 2015