Home Equity
How does a reverse mortgage work?
Answered by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A reverse mortgage lets homeowners 62 and older convert equity into cash without monthly mortgage payments. The balance grows over time and is repaid when you sell, move out, or pass away.
You keep the title and must keep up taxes, insurance, and upkeep. It's a niche tool for retirees who are equity-rich but cash-tight. We'll walk through whether it fits or whether a HELOC or downsizing makes more sense.
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