Video — The Basics Of A Reverse Mortgage

A reverse mortgage lends you money against the value owned in your home. Repayment is not required until the home is sold or the borrower dies. Then the loan amount plus interest is repaid by selling the home. The lender has a primary claim a ‘lien’ against the home to secure the loan and interest. Income from the proceeds of a reverse mortgage are generally not taxable. Owners still pay property taxes and insurance