Mortgage Term Dictionary
Decode some of the terminology used in mortgages here.
A product to allow conversion of the equity in your home into cash without having to sell the home or pay additional bills.
Be at least 62
Occupy the property as principal residence.
Supplement retirement income
Payoff current mortgage
Pay for healthcare expenses
Repayment is required with
Sale of home
or when the home is no longer the principal address
Before applying you must meet with a counselor from an independent government-approved housing counseling agency.