Reverse Mortgage Terms You Should Know
A layman’s glossary of 34 terms commonly used during the process of arranging a mortgage.
Reverse Mortgages Basics
Reverse mortgages are loans against your home that require no repayment for as long as you live there. As opposed to regular mortgage loans, reverse mortgages have no income requirements and are based solely on the equity of your home or condo. There are no monthly payments to make as the mortgage is due only when the borrower is no longer living at the residence.
Considering a Reverse Mortgage?
Why you should consider a reverse mortgage?
Homeowners that are over 62 of age whose lifestyle might improve or to maintain their lifestyle by using the reverse mortgage as part of their retirement planning. It’s another financial tool available to senior homeowners over 62.
Are you in this situation?Continue reading
Reverse Mortgage Risks
Reverse Mortgage- is it a big risk?
What are the advantages and disadvantages of reverse mortgage?
Are you running into a big risk?
A reverse mortgage is a special type of loan that home owners can sometimes get to convert the equity in their homes to cash. Simply, a reverse mortgage is a type of loan that provides you with a monthly income, a lump sum of cash, or a line of credit. Or a combination of both
Reverse Mortgage Facts
Reverse Mortgage Facts
- Eligibility: Age 62+
- Gives you access to cash from your home
- Eliminates mortgage payment
- Guaranteed, Insured and Regulated by the FHA
- Has no effect on Social Security, Medicare or Pension income
- Multiple ways you can receive the money (lump sum, monthly payments, line of credit)
- Stay in your home and own your home without ever making another monthly mortgage payment
- Remember, like any homeowner, you are still responsible for taxes, insurance & maintenance
- Money you receive is 100% Tax Free
- You and your heirs are never put into a negative debt position