A “reverse” mortgage is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. The cash you get from a reverse mortgage can be paid in a single lump sum of cash, regular monthly cash advances, through a credit line or a combination of these payments.

No matter how this loan is paid out to you, you typically don’t have to pay anything back until you die, sell your home, or permanently move out of you home. To be eligible for most reverse mortgages, you must own your home and be 62 years of age or older.

For further information contact: www.rmaarp.com  or call 800-209-8085.