1. A reverse mortgage is a loan that allows you to borrow against the equity in your home. You can use the money however you like, and you don’t have to pay it back until you sell your home or die.
2. A reverse mortgage can be a great way to supplement your retirement income, or to help cover unexpected expenses.
3. The amount you can borrow depends on your age, the value of your home, and current interest rates. You can typically borrow up to 55% of the value of your home.
4. The interest on a reverse mortgage is tax-free, and there are no monthly payments required as long as you live in your home.
5. One downside of a reverse mortgage is that you will eventually have to pay it back, usually when you sell your home or die.
Types of mortgages Mortgage Types – When it comes to mortgages there are a few key things to know. The first is the difference between a closed and open mortgage. With a closed mortgage you are locked into the interest rate for the entire term of the mortgage, while with an open mortgage you can …
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