What Kinds of Reverse Mortgages Are There? How Do Reverse Mortgages Work? Read the following article to get reverse mortgage information. An alternative to a standard mortgage, a reverse mortgage is a type of loan. It permits homeowners who are 62 years of age or older to borrow money with the use of their homes as collateral for the loan. It is frequently utilised to pay off current mortgages, support the cost of healthcare, or amplify present income. Once a reverse mortgage is in place, repayment is frequently postponed until after your death, relocation, or property sale. Homeowners can choose between three different reverse mortgage loan types: proprietary, federally insured, and single-purpose. KEY LESSONS Reverse mortgages use the equity in homeowners' homes to offer people aged 62 and over with income in the form of a loan. https://standardlenders.com/