What is the difference between forward and reverse mortgage? Reverse mortgage, money is borrowed, the loan is secured by your home, but you don’t have to pay it back with money out of your pocket. The loan is paid by the equity in your home; the mortgage balance increases over time. One way to understand what reverse mortgage is, is to understand forward mortgage.A forward mortgage is the mortgage you know, you borrow money, the loan is secured by your home and you pay it back.
Reverse mortgage is a good loan if you are on a fixed income and are having trouble making your payments.
Give us a call and we can go over whether it is right for you.
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