What is a Reverse Mortgage?

what is a reverse mortgage - in Connecticut

A reverse mortgage is a way for a homeowner who is 62 or older to borrow against the
home equity.

Reverse mortgages originated in the early 1980s to aid retirees by allowing them to access
the equity of their home without the monthly interest payments that a traditional home
equity line would. The program has evolved so that more and more retirees can stay in
their homes.

A homeowner can choose to receive the reverse mortgage proceeds as a line of credit,
lump sum payout, monthly payments, or a combination of these. Unlike a traditional
mortgage or home equity loan or home equity line of credit, the homeowner is not
required to make any monthly mortgage payments.

The homeowner is still responsible for property taxes, maintenance, and insurance. As
long as you meet those responsibilities, the loan balance is not due until the last
remaining homeowner no longer uses the home as their primary residence, or the
home is sold.

Burke Mortgage can help you determine if a reverse mortgage is right for you. Call to discuss your current situation & plans to stay in your own home.