Are You Selling Your House Back To The Bank?

What’s the deal with reverse mortgages?

You've probably seen those old-school TV and movie stars pitching them, looking all trustworthy with their silver hair and soft lighting. But are reverse mortgages actually good for homeowners over 62?

Well… it depends.

When you take a reverse mortgage, you're basically saying, "Hey, I'm not making another mortgage payment for the rest of my life."

Yeah, that’s right. The bank still charges interest, but instead of paying it each month, it stacks up over time. And no - you're not selling your house back to the bank. You still own it, your name stays on the title, and you can live there as long as you want. You or your estate eventually have to pay it back - usually when you move out, sell the home, or pass away.

For someone on a fixed income who can't afford a traditional mortgage payment, it can be a financial lifesaver.

Ask us if a reverse mortgage is right for you or your family.

Later, nerds.