Anonymous
Posted on: 17th Jun, 2005 07:14 am
what is reverse mortgage. :?:
Hi Rick Seaman,
Welcome to the forum.
"What is reverse mortgage?"
The term ?Reverse Mortgage? means a loan granted to you against the security of your home. The most important feature of this type of mortgage is that you do not have to repay back the loan for as long as you stay in your home. One of the benefits of reverse mortgage loan is that you can
convert the value of your home into cash without repaying the loan each month.
To know more about reverse mortgages, refer to the urls mentioned
below:
http://www.mortgagefit.com/reverse-safe.html
http://www.mortgagefit.com/reverse-receive.html
http://www.mortgagefit.com/reverse-eligible.html
Hope you will find this information useful.
Regards
Jessica
Welcome to the forum.
"What is reverse mortgage?"
The term ?Reverse Mortgage? means a loan granted to you against the security of your home. The most important feature of this type of mortgage is that you do not have to repay back the loan for as long as you stay in your home. One of the benefits of reverse mortgage loan is that you can
convert the value of your home into cash without repaying the loan each month.
To know more about reverse mortgages, refer to the urls mentioned
below:
http://www.mortgagefit.com/reverse-safe.html
http://www.mortgagefit.com/reverse-receive.html
http://www.mortgagefit.com/reverse-eligible.html
Hope you will find this information useful.
Regards
Jessica
i have taken a loan 4 years back keeping my condominium as collateral. i have just paid off that loan, so don't have any funds to make home repairs. now i am 62 years old. my friend advised I could take reverse mortgage but I am not sure.any help
hi colin
let me inform that your friend has given you the right advice. since you have already paid off your previous mortgage and lack funds it may be a burden to take a mortgage loan which requires you to pay on a monthly basis.
a reverse mortgage gives you a lot of flexibilityregarding the repayment. although you are staying in a condominium, you can still apply for a reverse mortgage approved by the u.s department of housing and urban development. but you should be the principal owner of your property which is expected to meet the standards put forward by the federal housing administration. the best thing about this mortgage is that you can avoid regular monthly payments as long as you or any co-owner of yours stay in your home.
you can also consider home equity loan only if you are confident of making regular payments. also you need a certain amount of income to qualify for the loan. but this is not the case with reverse mortgage. home equity loans can help you to spend on home improvements but if you fail to make any of the payments, you may lose your home.
therefore it is better that you go for a reverse mortgage.
we hope that this information will help you in taking the right decision.
regards,
jessica.
let me inform that your friend has given you the right advice. since you have already paid off your previous mortgage and lack funds it may be a burden to take a mortgage loan which requires you to pay on a monthly basis.
a reverse mortgage gives you a lot of flexibilityregarding the repayment. although you are staying in a condominium, you can still apply for a reverse mortgage approved by the u.s department of housing and urban development. but you should be the principal owner of your property which is expected to meet the standards put forward by the federal housing administration. the best thing about this mortgage is that you can avoid regular monthly payments as long as you or any co-owner of yours stay in your home.
you can also consider home equity loan only if you are confident of making regular payments. also you need a certain amount of income to qualify for the loan. but this is not the case with reverse mortgage. home equity loans can help you to spend on home improvements but if you fail to make any of the payments, you may lose your home.
therefore it is better that you go for a reverse mortgage.
we hope that this information will help you in taking the right decision.
regards,
jessica.