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What is a Reverse Mortgage?

A reverse mortgage is a new type of mortgage loan that works just the opposite of your typical mortgage loan. Instead of you
paying the mortgage company, the loan company pays you. This is a new concept to consider if you are at least 62 years old
and own your home. If you are needing money for medical bills, home improvements, or other reasons. This type of mortgage
can give you the cash you need without you having to make monthly payments to pay them back. If you plan on living in the
home for the duration of the loan, you do not have to make payments or you will not be forced to move. You are paid in cash
the equity value of your home to do with as you see fit and you don't have to worry about making more monthly payments
that you really cannot afford.

With the reverse mortgage, you will not lose your home because you didn't make a monthly payment on it. However you or
the co-signer must continue to live in it. You will be paid the equity value instead of you paying the mortgage company. You
have a choice on how you wish to be paid your reverse mortgage loan. You can be paid cash all in a lump sum , you can be
paid on a monthly basis receiving a payment each month, you can be paid through an account where you decide when and
how much you will be paid in any given time, or you can choose a combination of any or all of the mentioned options. You
have the control over your equity cash and how much you will receive and how you will spend it.

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