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What Is A Reverse Mortgage & How It Helps You!

June 16th, 2009 | Mortgage Loans

A reverse mortgage is a mortgage loan made to older Americans who want to obtain equity from their homes in the form of cash. These loans are basically intended for retired people who may need the money to enhance retirement pensions, Social Security, or for medical purposes.

The advantage of such a loan is that of receiving a monthly tax-free income that is available for life or until the house is sold and the homeowner moves. The program of payments depends on the value of the home and the ages of the owners

2 comments ↓

#1 jhon on 07.06.09 at 10:45 pm

Can I apply for a reverse mortgage even if I’ve a few years in retirement???

#2 jack on 07.08.09 at 9:10 pm

how do ages of owners effect the payment…?

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