The mortgage suited for someone who has his or her home completely paid for but needs cash to live on is the ____ mortgage.

Question

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A reverse mortgage is designed for individuals who are 62 years of age or older that have paid off their home or have a significant amount of equity in it. This type of mortgage allows the homeowner to borrow against the value of their home without requiring them to make monthly payments on the loan. Instead, the loan is repaid when the homeowner sells the property, moves out of the home, or passes away. This allows the homeowner to access cash to live on while continuing to live in their home.

The Mortgage Suited for Someone Who Has His or Her