Reverse mortgage turns home equity into cash - Centre Daily Times
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Centre Daily Times, PA - Oct 22, 2008
None of your other assets will be affected by HUD’s reverse mortgage loan. Q: Can a lender take my home away if I outlive the loan?
A: A reverse mortgage is a special type of home loan that lets a homeowner use a portion of the equity in his or her home and convert it to cash. Unlike a traditional mortgage and home-equity loan, there is no repayment required until the borrowers no longer use the home as their principal residence. This program is federally insured and is a program sponsored by the Department of Housing and Urban Development.
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Related posts:
- Refinancing Existing Home Equity Conversion Mortgages (HECM) and Revision
- New HUD Rule Allows Reverse Mortgages For Home Purchase
- Wells Fargo Reverse Mortgage
- HUD finally raises HECM/Reverse Mortgage Limits to $417,000
- National Reverse Mortgage Counselor Network
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