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Reverse Mortgage .. More Definitions
A reverse mortgage is a special kind of loan used by older Americans (62 or older) to convert the equity built up over the years in their homes into cash.
The money from a reverse mortgage can provide seniors with the financial security and financial freedom they need to fully enjoy their retirement years. The money can be used for just about anything; paying off debt, vacations, home improvement, even long-term care.
The house or real estate serves a collateral for the loan and no repayment is required because the loan is not due as long as the house is your principal residence.
For Federal or California State information about reverse mortgage lenders contact:
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