Monticello Reverse Mortgage

Based in Waynesboro, Monticello Reverse Mortgage is a mortgage lender specializing in reverse mortgages for senior homeowners. It provides loans using a portion of a home's equity as collateral, with eligibility generally requiring at least one homeowner to be 62 or older. The homeowner continues to own the home, and repayment generally occurs when the last surviving homeowner passes away or leaves the property. Reverse mortgage proceeds may pay off an existing mortgage balance at closing. Customers can choose a lump sum, a line of credit, equal monthly payments for a fixed term, or equal monthly payments while living in the home. The company provides qualification information and answers questions through its FAQ resources.