Reverse Mortgages: What You Need to Know So You Don't Get Burned

What You Need to Know About Reverse Mortgages

What are Reverse Mortgages?

Reverse mortgages are home equity loans that allow you to convert part of the equity into cash. This can be an attractive option for senior citizens who may find themselves "house rich" but "cash poor."
Equity is the difference between the appraised value of your home and your outstanding mortgage balance. The equity in your home rises as the size of your mortgage shrinks and/or your property value grows. In a reverse mortgage, you are borrowing money against the amount of equity in your home.

As the name says, reverse mortgages work like a traditional mortgage, only in reverse. Instead of a borrower making payments to a lender, the lender makes payments to the borrower. Most reverse mortgages do not require payment of principal, interest, and fees as long as you live in your home. The homeowner can use the money for anything. The lender will require the homeowner pay off the balance of any existing mortgages.

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