Chances are, you've seen commercials boasting the advantages of a reverse home mortgage: "Let your home pay you a regular monthly dream retirement earnings!" Sounds wonderful, ideal? These claims make a reverse home loan noise almost too great to be true for senior homeowners. However are they? Let's take a better look. A reverse mortgage is a type of loan that uses your home equity to provide the funds for the loan itself.

It's basically a chance for retirees to use the equity they have actually constructed up over several years of paying their home loan and turn it into a loan for themselves. A reverse home mortgage works like a routine home loan because you need to apply and get approved for it by a lending institution.

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