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A Reverse mortgage pays you money as long as you live in your home. These mortgages are designed for people age 62 and older who own their homes and need an inflow of cash. The mortgage is against the equity and isn't paid off until you sell or move out of your home. Until then, you receive regular payments in the amount set up in the terms of the mortgage. Reverse mortgages are offered by state and local governments as well as banks and mortgage lenders. Shop carefully for these mortgages because interest rates and fees tend to be higher than in traditional mortgages.
These are becoming very popular mortgages to have in the USA.
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