01
Understand the arrangement
Reverse mortgages are generally designed for homeowners aged 55 or older. Eligibility and available funds depend on the borrowers, property and lender.
02
Understand the growing balance
Regular payments may not be required, but unpaid interest increases the debt and reduces remaining equity. Appraisal, legal and other fees can also apply.
03
Consider the long-term effect
Review alternatives, repayment events and the impact on your estate. The loan generally becomes due when the home is sold, borrowers move out or the last borrower dies, subject to the agreement. Seek independent legal advice.
Bring to your conversation
- Ages of owners on title
- Property and existing borrowing details
- Long-term housing and estate plans
General information only. Product availability, eligibility and conditions vary by lender and application.