Do you need to finance a home improvement? Pay off a current mortgage? Supplement your retirement income? Take care of healthcare expenses? If so, a reverse mortgage lender will do wonders for you. With a reverse mortgage, you can turn the value of your home into cash without having to repay your loan each month.
When Is It Repaid?
A reverse mortgage is a loan taken out against your home. The best thing about it is that you don’t have to pay it back for as long as you live there. Reverse mortgage lenders only collect repayment when you
– die
– sell your home
– or move to another house and live there permanently
What Types Are Available?
There are three basic types of reverse mortgages, and they are classified according to who the reverse mortgage lender is.
1. Single-purpose reverse mortgage
This is offered by non-profit organizations, state governments, and local agencies.
2. Federally-insured reverse mortgage
This is also know as HECM, or Home Equity Conversion Mortgage. It is backed by the U.S Department of Housing and Urban Development, or HUD.
3. Proprietary reverse...
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