The lender pays you money based on the equity you've accrued in your home; you receive a
lump sum, a monthly payment or a line of credit. Repayment is not necessary until the
borrower sells the property, moves into a retirement community or passes away. When you
sell your home or no longer use it as your primary residence, you or your estate must repay
the cash you received from the reverse mortgage plus interest and other finance charges to the lender.

Most reverse mortgages require you be at least 62 years of age, have a low or zero balance
owed against your home and maintain the property as your principal residence.

Reverse mortgages are ideal for homeowners who are retired or no longer working and need
to supplement their income. Interest rates can be fixed or adjustable and the money is
nontaxable and does not interfere with Social Security or Medicare benefits. Your lender
cannot take property away if you outlive your loan nor can you be forced to sell your home
to pay off your loan even if the loan balance grows to exceed property value.