How does a Reverse Mortgage Work?
Loan is repaid upon demise or permanent vacancy or the last remaining borrower; and repayment never exceeds value of the home.
Amount repaid is principal, accrued interest, service fees and any other applicable charges.
Loan proceeds available to the borrower(s) are based on 3 main factors:
- Age of Homeowner(s)
- Current interest rates
- Appraised value of home or maximum lending limit; depending on the program selected.
