There are a lot of myths surrounding reverse mortgages but we’ll try to make it easy for you.

You can now use a reverse mortgage to refinance your current home or to purchase a new one. You can make payments to pay down your loan every month or you can choose not to make any payments and still stay in your home as long as you’re living in it. You’re just responsible for making your homeowners insurance and property tax payments. You can even choose to receive monthly cash payments to help pay for your everyday expenses and medical bills.

If you’re 62, own your home, or are looking to purchase a new home to live in, a reverse mortgage may be right for you. Reverse mortgages are an amazing financial tool that can help you live comfortably in your retirement years.

We've put together 2 videos to help explain both types of reverse mortgages; refinance and purchase.