Reverse mortgages are available to qualified borrowers aged 62 and older, with either significant equity in their home or a significant down payment to purchase a home. There are no mortgage payments; however the borrower must continue to pay basic home expenses such as taxes and insurance, and the home must be maintained. You must also live in the home as your primary residence. Depending on the type of reverse mortgage payout the interest rate can be fixed or adjustable. It is very important you work with a trained reverse mortgage planner if you are considering this type of loan. Please contact me for more details.