Question 1

What is a Reverse Mortgage?

Accepted Answer

A reverse mortgage allows you to access your home equity without selling your home. You retain ownership and there are no regular mortgage payments required for as long as you live in your home.

Question 2

Do I have to make monthly payments?

Accepted Answer

No, there are no regular monthly mortgage payments required for as long as you live in your home.

Question 3

Is the money from a reverse mortgage tax-free?

Accepted Answer

Yes, the funds you receive from a reverse mortgage are completely tax-free and can be taken as a lump sum or over time.