Understanding the Ins and Outs of a Reverse Mortgage Loan
A reverse mortgage loan is a type of loan that allows senior citizens to convert a portion of their home equity into cash. The loan does not require monthly mortgage payments, and the borrower can stay in the home for life. And for the loan, the same is repaid when the borrower sells the home, or moves out of there permanently. Senior citizens can consider this loan option in case they need extra income to supplement their retirement savings.
