Remove the strain of monthly payments during your golden years. Reverse mortgages are provided based on age and equity to seniors who are 62 years of age or older with no income qualifications. You are able to experience no monthly payments or no payments at all and need only pay yearly taxes and insurance.
Once this plan begins, it stays with you until the home is passed to an inheritor. If the home passes to your spouse of a qualified age and they are on the loan, the home remains on the reverse mortgage plan. In the event that no one inhabits the property, it is sold to pay off the remaining balance on your loan or is returned to the mortgage lender.