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What is a Reverse Mortgage and How Does it Work? (www.redfin.com)

What is a Reverse Mortgage and How Does it Work?

If you’ve lived in your current home for many years, you may reach the point where you’ve made your final mortgage payment or are very close to paying off the house. Congratulations – this is a major accomplishment in the journey of homeownership. 

Your home now represents pure equity; funds that could come in handy to pay for unexpected major expenses, medical bills, or any kind of financial emergency. But how do you gain access to some of that hard-earned equity from your home? These situations could be ideal for a reverse mortgage. 

You may have heard the term “reverse mortgage.” But what exactly does it involve, and why would you want to pull money out of your home in the form of another mortgage? 

Keep reading to find out. 

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