What is a reverse mortgage?

What is a reverse mortgage? For the answer to this question you can choose to watch the video below or if you're a reader, just keep reading.

Every day on TV we see celebrities pitching reverse mortgages as the answer to living the perfect retirement.  It sounds pretty good, maybe even too good.  There has to be a catch, right?  

In my experience, if something sounds to good to be true, it probably is.  But I also believe that if I can learn the facts about a product,  how it’s used, how it works and how the seller makes their money from it, then I can use my own “common sense” to decide if I want to do business with that person.

So… What is a Reverse Mortgage exactly? So…. what exactly is a reverse mortgage?   A reverse mortgage is really just a mortgage.  Like any other mortgage you would get.  The bank loans you money, charges interest and wants to get paid back. The major difference between a traditional mortgage and a reverse mortgage is that the reverse does not require ANY monthly mortgage payments.  In fact you al long as you live in the home, keep it insured and maintained, and remain current on your property taxes and HOA if you have it, you NEVER have to make a mortgage payment.  

Why would the bank do that? You know they have to make money - so how does a mortgage without payments make sens for them?  To understand that you need to know “How a Reverse Mortgage works, the second video in this series>  If you enjoyed this video and learned something please share it with your friends and family.  If you would like to find out how much you or your family member would qualify for and recieve a personalized reverse mortgage quote please click on the link HERE and complete the easy form.  You’ll have your numbers in no time at all!