What Are the Different Types of Reverse Mortgages?

Author: External Author | | Categories: Commercial Mortgage , FHA Jumbo Loan , FHA Streamline Refinance , Mortgage Broker , Mortgage Calculator , Mortgage Professional , Reverse Mortgage , VA Loan

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There are three types of reverse mortgage loans available to homeowners aged 62 and older: single-purpose reverse mortgages, federally-insured reverse mortgages, and proprietary reverse mortgages. A reverse mortgage loan, like a traditional mortgage, is a way for homeowners to borrow money using their home as security for the loan. It is often used to pay off current mortgages, help pay healthcare expenses, or supplement current income.

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Original Article Source Credits: Investopedia, https://www.investopedia.com

Article Written By: STAFF AUTHOR

Original Article Posted on: Aug 30, 2020

Link to Original Article: https://www.investopedia.com/mortgage/reverse-mortgage/types