Senior homeowners are taking equity out of their longtime residences to make ends meet during their retirement years, and to remodel their homes and help their children and grandchildren with the financial challenges of higher education. Conventional reverse mortgages allow senior homeowners, with a minimum age of 62, to receive proceeds from a lender — either in a lump sum, regular monthly payments, a line of credit or in a combination of those options. When the house is sold, or the last remaining borrower dies or moves out of the home, the loan amount plus the accrued interest is repaid. The borrower can’t owe more than the value of the home. Reverse Mortgages For Dummies

click here for article

search for :