Reverse mortgages are designed to provide those who are retired, or near retirement with a way to keep on getting an income, or money to meet other expenses as they grow older. While it may not be the way for everyone, it certainly is a valid option for many. Here are some things you need to know about reverse mortgages to help decide if one should be in your near future.
What Is It For?
The purpose of a reverse mortgage is to provide some income so that a person 62 and older can be able to continue at a higher level of living than what social security alone could do. This is especially important because of the way that social security and the economy is headed.
Where Does The Money Come From?
The money comes from the equity that is built up in the house over the years. This means that the more equity there is, the greater the payments could be. The amount of money that is still owed on any outstanding mortgages is paid off immediately, and payments are based on the balance.
What Are The Qualifications?
A reverse mortgage is for any homeowner that is aged 62 or older. They must be a homeowner and have some equity in the home. There are...
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