Posted on: 05th May, 2009 10:15 am
Most of the times I have heard the term '[size=24:7f0d98dc58][color=Blue:7f0d98dc58]reverse mortgage[/color:7f0d98dc58][/size:7f0d98dc58]'.
Can somebody shed some light on this new concept?
:arrow: :arrow: :wink:
Can somebody shed some light on this new concept?
:arrow: :arrow: :wink:
Here is a short explaination
Reverse mortgage enables older homeowners (62+) to convert part of the equity in their homes into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment. The reverse mortgage is aptly named because the payment stream is “reversed.†Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to you.
Your age and house value will be the deciding favor in how much you can borrow.
Reverse mortgage enables older homeowners (62+) to convert part of the equity in their homes into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment. The reverse mortgage is aptly named because the payment stream is “reversed.†Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to you.
Your age and house value will be the deciding favor in how much you can borrow.
Hi gunz,
First of all, reverse mortgage is not a 'new' concept. It has been there for quite some time. The primary difference between a reverse mortgage and a regular mortgage is that in reverse mortgage, you do not make any payment to the lender. Instead, it is the lender who makes payments to you. Reverse mortgage is available to those who are 62 years old or more. The credit and income requirements are also far less stringent than those in case of a regular mortgage. To know more on reverse mortgage you can refer to the following article:
http://www.mortgagefit.com/reverse.html
First of all, reverse mortgage is not a 'new' concept. It has been there for quite some time. The primary difference between a reverse mortgage and a regular mortgage is that in reverse mortgage, you do not make any payment to the lender. Instead, it is the lender who makes payments to you. Reverse mortgage is available to those who are 62 years old or more. The credit and income requirements are also far less stringent than those in case of a regular mortgage. To know more on reverse mortgage you can refer to the following article:
http://www.mortgagefit.com/reverse.html
Hi,]
Thanks for reply to my answer.
Thanks & Regards. :lol: :lol: :lol:
Thanks for reply to my answer.
Thanks & Regards. :lol: :lol: :lol:
Jessica's artical is really good. Covers quite a bit of it.
Hi,
Actually this moratge loan available to seniors so its use for life time.
A reverse mortgage is a government sponsored and insured loan that requires no payments during the period of time.
reverse mortgage eligibility:
1)Candidate must be at least 62 years old.
2)Candidate must have own and occupy home as your primary residence during the term of the loan.
3)Counseling by a HUD approved counselor is required.
4) There are no minimum income or credit requirements.
Benefit:
1) You retain the ownership of your home for life
2) No income, medical or credit requirements.
3) No loan repayment or payments as long as you live in your home.
4)The money can be used for any purpose.
Reverse Mortage has many types.
Loan ends when the homeowner dies, sells the house, or, depending on the loan conditions, moves out of the house for 12 consecutive months .
This short explanation for Reverse Mortage....
I hope you understand....
Thanks
Hari
Actually this moratge loan available to seniors so its use for life time.
A reverse mortgage is a government sponsored and insured loan that requires no payments during the period of time.
reverse mortgage eligibility:
1)Candidate must be at least 62 years old.
2)Candidate must have own and occupy home as your primary residence during the term of the loan.
3)Counseling by a HUD approved counselor is required.
4) There are no minimum income or credit requirements.
Benefit:
1) You retain the ownership of your home for life
2) No income, medical or credit requirements.
3) No loan repayment or payments as long as you live in your home.
4)The money can be used for any purpose.
Reverse Mortage has many types.
Loan ends when the homeowner dies, sells the house, or, depending on the loan conditions, moves out of the house for 12 consecutive months .
This short explanation for Reverse Mortage....
I hope you understand....
Thanks
Hari