Reverse Mortgage
Lending & MortgagesA loan allowing homeowners 62+ to convert home equity into cash without monthly payments, repaid when the home is sold.
Example
Example: Suppose you take out a $300,000 30-year fixed mortgage at 6.5%. Understanding reverse mortgage helps you see how your monthly payment of approximately $1,896 is structured — and how this concept affects your total cost over the life of the loan. Use our mortgage calculator to see how reverse mortgage impacts your specific situation.