The reverse mortgage is a financial tool for elderly Americans to use the money invested in their home in order to enjoy their senior years.
In a reverse mortgage, you get a loan either as a lump sum, in monthly payments or as a line of credit. You repay it when you sell the house or die.
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A reverse mortgage allows them access to ready, tax-free cash without selling their homes, and without the burden of monthly payments. The number of reverse mortgages has recently seen a phenomenal increase from 18,000 in 2003 to more than 107,000 in 2007 [source: U.S. Department of Housing and Urban Development].
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Reverse mortgages might be attractive options for seniors with limited incomes and financial uncertainty. However, these types of mortgages are complicated.
A reverse mortgage is comparable to an equity loan, or a cash-out refinance, but the difference is that the money you receive from the reverse mortgage does not result in monthly payments. Essentially, you are tapping into your equity to receive money that you can use any way you want.
If you do decide to look for one, review the different types of reverse mortgages, and comparison shop before you decide on a particular company. Read on to learn more about how reverse mortgages work, qualifying for a reverse mortgage, getting the best deal for you, and how to report any fraud you might see.
Tax breaks and subsidies can also work in your favour, providing cost-savings that you. Not only do we need to drastically.
talking too much about reverse mortgage product features and details could actually work far more against a loan officer’s efforts. This was the main argument made by Craig Barnes, education leader at.
However, a one-time PIN may not be the best option if you’re rate shopping and comparing loan offers, like you would for a.