Mortgage Broker Company: Reverse mortgage info

This type of loan is for people 62 years of age or older and have equity in their home. The reverse mortgage allowes the payment stream to be reversed. Instead of the person making monthly payment to the lender the lender makes payments to the owner.

You can choose the type of payment you prefer, a one time lump sum, fixed monthly payment, line of credit, etc.

The amount of money received depends on the age of the homewoner, the type of loan chosen, the appraised home value, current interest rates and the locaton of your home. The money is tax free.