Reverse Mortgage Seminar In-Person
No registration required - first come, first served. Q&A and refreshments included. Presented by Steven Eplan, MLO 59513, Senior Management Group, Inc.
A reverse mortgage is a financial product specifically designed for homeowners aged 62 and older, allowing them to convert a portion of their home equity into cash without selling their home. Unlike traditional mortgages where the borrower makes monthly payments to the lender, with a reverse mortgage, the lender makes payments to the borrower, either as a lump sum, monthly payments, a line of credit, or a combination of these options.
The borrower retains ownership of the home and is still responsible for property taxes, insurance, and maintenance. The loan is typically repaid when the borrower sells the home, moves out permanently, or passes away. At that point, the proceeds from the sale of the home are used to repay the reverse mortgage, with any remaining equity going to the borrower or their heirs.