What Is a Reverse Mortgage?


A reverse mortgage is a loan which is available to seniors who are sixty two years and above and is used to release the home equity a multiple payment or a one lump slump. The homeowner's obligation to pay back the loan is deferred until he or she dies. The home is then sold to pay back the loan.
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Ask.com Answer for: what is a reverse mortgage
A reverse mortgage works by a lender providing a loan to the home owner, with payments being based on home equity.
A reverse mortgage is a home loan that release a portion of home equity as cash.
Q&A Related to "What Is a Reverse Mortgage"
A reverse mortgage is available for older individuals, 62 years or more, with a home that is paid off. A lender will give you a monthly payment based on the equity of your home. The
1. Gather you and your spouse's birth dates, the last known value of your home, and the amount left owed on your current mortgage. The approximate value of your home can be found
How does a reverse mortgage work? A reverse mortgage may seem like an unusual concept since your goal as a homeowner is to pay off your mortgage, but there are circumstances in which
1 Wait until you are 62 years of age. This is the age requirement for a reverse mortgage set by the FHA. Ad 2 Make sure you have sufficient equity in your home. Most reverse mortgages
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As of April 2011, the fees for reverse mortgage did indeed go up. Congress voted to increase the cost of borrowing money through reverse mortgages. You can find ...
Yes, you can purchase a home using a reverse mortgage. Know more about it by clicking on: . ...
As opposed to standard mortgages, reverse mortgages do not require monthly payments from the homeowner. Rather, the mortgage is tied to the value of the house. ...
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