Reverse Mortgage Line of Credit

Yes. A reverse mortgage is just like refinancing your home with a cash-out option, except you never have to pay any principal and interest payments for life. 

Yes. You, your spouse, and/or your estate would own the home, still be on title, and can sell it anytime. 

No. A reverse mortgage only deducts monthly principal and interest payments from your home's equity. You always own any unused equity. 

No. You can never be removed from your home if you pay your taxes and insurance regardless of your equity position. 

No. Unlike home equity loan balances, reverse LOC balances require no monthly payments. Also, unlike home equity loans, any unused reverse LOC accrues interest. 

No. A reverse LOC is not dependent on the home's value. For example, if you received a $200,000 LOC and later your house value drops to $100,000, you can still write a check for $200,000 and never have to pay it back.  

No. For example, you can write a check from your LOC to finance RVs, automobiles, home renovations, debt consolidation, and health care expenses to name a few types of purchases. But unlike an equity loan, you never have to make monthly principal and interest payments.

Yes. We have a page specific to that. Click here.