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| What Is A Reverse Mortgage?
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What is a Reverse Mortgage? A Reverse Mortgage is a unique loan that enables homeowners to convert the equity in their home into income without having to sell the home, give up title, or take on new monthly mortgage payments. Reverse Mortgages are available to individuals 62 or older who own their own home.
With a reverse mortgage:
The homeowner retains full ownership.
A reverse mortgage is a loan.
Homeowners can stay in their home until the loan maturity event occurs.
A homeowner can never owe more than the value of the home.
FHA Insurance prevents borrowers from being "upside down" on the loan.
You are required to attend counseling.
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Posted by kcrentorbuy on 2008-01-12 18:55:54 | Rating: | Views: 60
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| Blog Comments
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Reverse mortgages are an expensive form of money, and they should be only be used by consumers who fully understand them.
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Posted by lisadunn
on 2008-04-12 17:36:44
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