4 Tips You Should Know About Reverse Mortgages

Posted by News Feeds

September 14, 2007

4 Tips You Should Know About Reverse Mortgages,

1. What are Reverse Mortgages?Reverse Mortgages are a way to borrow against the equity in your home (the value of your home minus any debt you now have) in order to provide you with a tax-free income if you are 62 years of age or older. You continue to own, and live in, the home for the life of the loan. There are no loan payments until the loan ends. The money you receive can be in the form of:

·A lump sum of cash

·Regular monthly payments for your life or for as long as you live in the home.

·Regular monthly payments for a fixed length of time.

·A line of credit to draw on when you need it.

·A combination of options 2 & 4 or options 3 & 4 above.

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Full post here Reverse Mortgage Loan Blog