Last updated June 21, 2024
When to use:
Caller has questions about reverse mortgage.
A reverse mortgage allows a person 62 or older, who lives in their home at least six months of the year, to convert a portion of the equity in their home into cash without having to sell their home. This is a loan against the equity in the home and does not require a monthly payment. Income from a reverse mortgage is considered for Medical Assistance eligibility and is not right for everyone.