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prima:What is a reverse mortgage and what are its implications for the person acquiring or inheriting it?

The executive director of the Mortgage Bankers Association, Ricardo Negrón, explained that reverse mortgages are a tool that is rarely used in Puerto Rico and lacks significant visibility

October 22, 2024 - 4:12 PM

Reverse mortgage loans are intended for individuals 62 years of age or older who own the property as their primary residence and do not have an active mortgage or one that is about to be paid off. (Shutterstock)

A reverse mortgage is often utilized by seniors as an economic relief tool, allowing them to borrow money using their home as collateral, without making monthly payments.

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