You may have already heard of the reverse mortgage but probably do not completely understand what it means. In this post, I try to present a clear explanation of what reverse mortgage is and what are some of the most important advantages and disadvantages.

Reverse Mortgage is a loan for seniors of age 62 years or older which involves the lender paying the seniors money depending on the home equity without having the owner sell the house or move out. The loan is paid by selling the house when the owner dies or moves to some other place.