The Reverse Mortgage... What The Heck Is It Anyway? - part 1
by Don Adams
Are you 62 or older and own your own home? Then, you probably qualify for a reverse mortgage.
But, what the heck is it anyway? Well, if you still have a conventional mortgage ... or had one until you burned your loan papers ... this is simply the reverse of what you have or had.
A reverse mortgage is a loan against the equity in your home. But unlike a typical home equity loan, you never have to make loan payments during the term of the loan.
The loan is not due and payable until you no longer occupies the home as a principal residence. This usually means until you sell the home, move out permanently or die.
For many seniors, home equity is their largest asset. The reverse mortgage allows them to get a lump sum or fixed monthly payments to supplement their lifestyle, make home improvements, pay for long term care or simply pay off existing debts to free up more cash flow.
The amount of money you get from a reverse mortgage depends on your age at the time you apply for the loan, the type of reverse mortgage you choose, the value of your home, current interest rates and, sometimes, where you reside.
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The Reverse Mortgage... What The Heck Is It Anyway?
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