Can you really eliminate monthly mortgage payments? Yes. As long as you continue to pay property taxes, homeowner’s insurance, and maintenance costs, you can stay in your home without mortgage payments until you leave it.

A reverse mortgage loan allows borrowers aged 62+ to tap into their home equity to help fund some of their retirement needs. Each loan has safeguards in place to protect borrowers, and the funds are dispersed at the borrowers’ discretion.

The most common type of reverse mortgage is a loan insured by the Federal Housing Administration (FHA), which is also called a HECM. It allows you to access your home equity and turn it into cash. Borrowers choose a reverse mortgage because it allows them to remain in their homes, as long as they meet the loan terms, and provides funds that can greatly supplement their retirement income.

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