Interested in a Reverse Mortgage?
Reverse mortgages have become popular over this past couple of years as a way of raising some much needed cashflow. Its a safe plan that a lot of older americans have taken advantage to raise cash for unexpected medical bills and to supplement their main income. As with all loans that are secured on your home its well worth knowing more about reverse loans before agreeing to one.
A reverse loan differs slightly from both remortgages and home equity loans in a number of ways. A reverse mortgage pays you, and is available regardless of income.
Your relatives will not be able to inherit your home unless they pay off the loan after you have passed away.
How much money can I get from my home?
To qualify for most reverse mortgages, you must be at least 62 and live in your home. The amount you can borrow depends on a number of things, your age, the current interest rate, loans fees, the value of your home or the FHA's mortgage limits for your area whichever is less.
Getting a Good Deal.
If you are considering a reverse mortgage, shop around to compare your options and the offered terms. Learn as much as you can about reverse
mortgages before you talk to a counselor or lender. It will help you ask more informed questions, which could lead to a better deal.
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