What is a reverse mortgage in simple terms

Explanation:

The reverse mortgage is the mortgage which is give to the people who age is 62 years or below . The main aim of providing reverse mortgage loan is to take the loan in exchange of collateral security. The collateral security here means the home which is belongs to the borrower. The loan amount is depend upon the value of the home. The time period to repay the amount is of 6 months . If an borrower is unable to pay the amount, than bank or financial institution has the right to recover the loan amount by selling the house property of the borrower, and also it does not entertain with the monthly payments.

A reverse mortgage is a product offered by a bank to provide liquidity for people who are typically in retirement. The basic idea of a reverse mortgage is for the homeowner to use their equity as a source for retirement income. When the owner of the property dies, the bank must be paid back on that loan.

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