Coffee Morning

A reverse mortgage is a loan that allows homeowners, typically those aged 62 or older, to borrow against the equity in their home, receiving payments without needing to make regular repayments until they sell the house, move into long-term care, or pass away. 

Here's a more detailed explanation:

• How it works:

  Instead of making monthly payments, the borrower receives payments (either as a lump sum, regular payments, or a line of credit) from the lender, and the loan amount and accrued interest are repaid when the home is sold. 

• Who it's for:

  Reverse mortgages are designed for older homeowners who want to access their home equity without selling their property.