Know the facts about reverse mortgages

Know the facts about reverse mortgages,

Reverse mortgages are being offered as a solution for older homeowners who are exploring ways to tap into the equity built up in their homes.

These mortgages provide money to homeowners with no repayment of funds and interest required until the loan term ends - generally until the borrower no longer occupies the house. Payments can be in the form of a lump sum, a line of credit, monthly payments or any combination of these.

The Better Business Bureau of Mississippi, along with the Federal Trade Commission, suggests that the following facts be considered:

# Reverse mortgages are “rising debt” loans where the interest is added to the principal balance since no payments are being made.

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Full post here Reverse Mortgage Loan Blog

Written by News & Feeds on October 7th, 2007 with comments disabled.
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