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A reversible mortgage is a Government-insured house loan that lets anyone over 62 convert a portion of their equity into tax-free* income. You, the home owner, remain in your own home without having to sell, give up title, or make monthly payments.
Benefits of reverse mortgage include no monthly repayments because you’re pulling on your home equity and your income will not affect your chances of receiving a reverse mortgage.The measure you can borrow depends on various reasons, including your age, interest rates, the assessed value of your house, the equity you have in your home.
Money can be taken as a lump-sum, monthly payment, a line of credit from which you can draw upon, or any combination of the three.
What is the cost of reverse mortgage? The cost varies depending on the type and size of the loan. You can reduce reverse mortgage closing costs to nominal out-of-pocket fees by structuring the loan with these costs included in the total loan amount. The loan is due when you permanently vacate the property.
Other questions about what is a reversible mortgage include
What can you use the money for?
What happens if the homeowner dies?
Are there any reverse mortgage pitfalls?
Is a reverse mortgage a burden for the heirs?
Let's face it the cost of living has gone up, and folks on a fixed income are barely getting by while paying additional hard earned money for food, gas, medicine, and utilities. Sadly many elderly Americans are sacrificing eating so they can buy their medicine. That's not right.
If you are a homeowner over the age of 62 and want to know more about reverse mortgages find the answers to these questions then Senior Lending Network can help.
*I'm not an lawyer please consult your tax advisor Request your Free DVD What is a Reversible Mortgage
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