There are different options about getting loans when you are at a point in your life where you have to make ends meet. Several options are offered by the majority of them, there are stringent requires in order to be eligible for the grant. The commonly depend on the borrower’s credit score and his or her capacity to pay. However, one kind of mortgage is different and many people, particularly seniors, opt for this type of loan. It is called reverse mortgage. Just like its name suggests, reverse mortgages work the other way around when compared to conventional loans. You are not the one who will be making payments but you will be receiving them instead.

But not everyone could enjoy the advantages of reverse mortgage loans. Just the whole process of getting the mortgage could be quite confusing and could cost you more money especially if you have no idea about the basics. And most likely, one of the most important things that you must know about this type of loan is the interest rate that is involved.