What is "Reverse" in a Reverse Mortgage?

In the context of a reverse mortgage, the term "reverse" refers to the opposite of a traditional mortgage. In a traditional mortgage, the homeowner borrows money from a lender to purchase a home and then makes monthly payments to gradually pay off the loan over time. In contrast, with a reverse mortgage, the homeowner receives money from the lender and typically doesn't make monthly payments. Instead, the loan balance increases over time as interest accrues and is usually paid off when the homeowner sells the home, moves out, or passes away.
The "reverse" aspect comes into play because, unlike a traditional mortgage where the homeowner builds equity by making payments, with a reverse mortgage, the homeowner can access the equity they've built up in their home over time without needing to sell the property or make regular payments.
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Discover how a reverse mortgage can fit into your retirement plan by reaching out to our team at The Bodner Team. Let us guide you through the process and answer any questions you may have.
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