 |
Reverse Equity Mortgage
A reverse equity mortgage is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month.
No matter how reverse equity mortgage loan is paid out to you, you typically don't have to pay anything back until you die, sell your home, or permanently move out of your home. To be eligible for most
reverse equity mortgage loans, you must own your home and be 62 years of age or older.
We provide information necessary to make decisions regarding a new reverse mortgage. Additional information about the reverse equity mortgage is available.
Reverse equity mortgage don't always have rising debt and falling equity. If a home's value grows rapidly, your equity could increase over time. Or, if you only get one loan advance and no interest is charged on it, your debt would never change. So your equity would grow as your home's value increases. But most home values don't grow at consistently high rates, and interest is charged on most mortgages.
In short, a reverse equity mortgage is a "rising debt, falling equity" type of deal. But that is exactly what informed reverse mortgage borrowers want: to "spend down" their home equity while they live in their homes, without having to make monthly loan repayments.
|
|
 |
|
 |
When a reverse
equity mortgage becomes due and payable, you may owe a lot of money and your equity may be very small. If you have the loan for a long time, or if your home's value decreases, there may not be any equity left at the end of the loan.
With most home loans, you could lose your home if you don't make your monthly payments. But with a reverse mortgage, there aren't any monthly repayments to make. So you can't lose your home by not making them. Most reverse mortgages require no repayment for as long as you
or any co-owner(s) live in the home. We offer comprehensive housing counseling including mortgage default, reverse mortgages, budget and credit counseling.
We provide independent
information on reverse equity mortgage for consumers, their families, professional advisors, and nonprofit counselors.
We will help you locate general information, providers and lenders. Providers & Lenders
who provide reverse equity mortgage tips. Our commitment to serve customers like you has strengthened our position further and enabled us win the trust in all the transactions we dealt so far.
You can benefit from our fast, easy, and secure processes that provide you with the most profitable deals. We'll help you every step of the way.
Just leave all your worries with us. We empathize with you and act on your behalf with utmost professionalism.
|
|
|
| Copyright © 2003,
California Mortgage Rate. |
|
