| as a way of converting their home equity fixed interest mortgage rate rate year value of their home, minus the amount of mortgage(s)) into a cash payment (or series of payments) while retaining ownership of the property. To qualify for a reverse mortgage in the United States, the borrower must be at least 62 and be able to pay it off an existing mortgage with the proceeds from the reverse mortgage and if needed, additional personal fixed interest mortgage rate rate year The amount any individual homeowner is eligible for depends on their age and the Federal Housing Administration (FHA) appraised value of the home. The location of the home may also have an impact. Reverse mortgages allow the home owner to continue living in fixed interest mortgage rate rate year home, and allows repayment of the loan |
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