Reverse mortgages are designed for borrowers to access the equity in their home that they’ve built up over the years. Thanks to these mortgages seniors can go through retirement financially secure.
A fixed interest rate is only available for reverse mortgages where the borrower takes a single disbursement lump sum. All other reverse mortgage options carry adjustable interest rates.
Borrowers eligible for Reverse Mortgages must be at least 62 years old and occupy the property as a primary residence.