Reverse Mortgages are fast becoming all the rage here in the USA. As with everything else to do with your financial security, you should always exercise caution and seek as much information as you can from multiple sources.If a Reverse Mortgage appeals to you then you may find the following questions and answers useful.
What exactly is a reverse mortgage?
A reverse mortgage is specialized home loan that allows the home owner to exchange a bit of the equity in their house into hard cash. However unlike a conventional home equity loan or even a second mortgage for that matter, there are no repayments to make until the borrower stops using the home as their primary place of residence.
Do you qualify for a Reverse Mortgage?
In order to qualify for a reverse mortgage you must be at least 62 years old, living in the a home that you own, with no outstanding mortgage, or in some cases with a small amount of mortgage remaining that can be settled with the monies received from the reverse loan.
What type of properties are considered eligible?
Most types of property are eligible including. Units, detached houses, Town houses and various...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
