What Is Reverse Mortgage? How You Can Benefit From It

When you have a regular mortgage, you pay the lender every month to buy your home over time. In a reverse mortgage, you get a loan in which the lender pays you. In Reverse mortgage, Bank takes part of the equity in your home and convert it into payments for you – a kind of advance payment on your home equity.

The money you get usually is tax-free. Generally, you don’t have to pay back the money for as long as you live in your home. When you die, your estate will be used to repay the loan.

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How to do Retirement Planning? - https://www.youtube.com/watch?v=xdo9fDjr2aY&t=1s

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