anyone here applied and got a jumbo reverse mortgage product? it says in the article the product allows you to get income from your home, without selling it? does that mean renting it? or how does the income flow in?
Reverse mortgages pay you a monthly amount that is applied towards the equity in your home. They apply an interest rate to the amount, and your balance increases with each monthly payment. You must be 62 years old (I think) and owe very little if anything on your home. Wells Fargo is one of the biggest reverse mortgage lenders.
