A reverse mortgage is a loan that is designed for homeowners 55 years of age and older, secured by the equity in the home, which is the difference between the value of your home and the unpaid balance of any current mortgage. It allows homeowners to obtain cash without having to sell their homes.
You can access up to 55% of the value of your home. You always maintain ownership of your home and never have to move or sell. You can receive your tax-free cash over time or in one lump sum.