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Reverse mortgage

This is a type of loan that allows homeowners over the age of 62 to turn their home equity into cash as a way to help fund their retirement. A reverse mortgage converts the equity and pays the homeowner. However, it is still a loan, which means it needs to be paid back. A typical way a loan is repaid is by selling the home and using the proceeds to repay the reverse mortgage in full. 

Read more: How to Use Your House to Free Up Cash

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