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Reverse Mortgage
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Reverse Mortgages
© Money-Talk.org
Reverse mortgages can provider older homeowners with a flexible income stream while still owning their home.
Regardless of your income or credit, if you owe no debt on your home and are 62 years or older you probably qualify for a reverse mortgage.
This type of mortgage can provide monthly and lump sum payments that can be used for anything, are tax free
and don't affect government benefits like Social Security & Medicare. At the end of the loan, the original loan amount plus interest
are due, however the debt is capped by the value of your home at the time of repayment.
The loan also becomes payable when the borrowers die, sell or move out permanently, for over a year.
Some other conditions may also cause the loan to become due such as if borrower fails to meet tax, insurance or maintence requirements and
possibly other conditions like renting depending on loan.
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