California
Reverse Mortgage, the home owner pays nothing each month and all
interest all interest is added to the property. A reverse mortgage enables
older homeowners (62+) to convert part of the equity in their homes into
tax-free income without having to sell the home, give up title, or take on
a new monthly mortgage payment. The reverse mortgage is aptly named
because the payment stream is “reversed.” Instead of making monthly
payments to a lender, as with a regular mortgage, a lender makes payments
to you.
