2007-01-02 06:03:37 · 4 answers · asked by tljrkd2002 1 in Business & Finance ➔ Renting & Real Estate
What a reverse mortgage is: a good tool for financial planning and flexibility in the golden years. There are only a very few requirements for eligibility. The borrower must own and live in the home as a primary residence and be 62 years of age or older. If husband and wife are both on the title, both must be over the age of 62.
In addition, the home itself must be of a type that qualifies for the reverse mortgage program. The vast majority of single family homes qualify, as do most condominiums, townhomes, 2-4 unit owner-occupied dwellings and manufactured homes. Your income and credit levels, however, do NOT matter.
check out http://www.reversemortgagepage.com
2007-01-03 06:50:38 · answer #1 · answered by Byron W 3 · 0⤊ 0⤋
Reverse mortgage is usually for older people who have paid off their home and now want to get money from it. The reverse mortgage pays the homeowner a monthly sum from their equity in the home.
2007-01-02 06:08:27 · answer #2 · answered by smartypants909 7 · 0⤊ 0⤋
just like what smartypants said but I will add you can take a monthly sum or a large line of credit to draw from. The idea is your property will continue to increase in value as the years go by you are just borrowing from that equity until its time to sell. Then when you sell the bank will get their money back first.
2007-01-02 06:13:56 · answer #3 · answered by CA DIVA 4 · 0⤊ 0⤋
http://www.choicefinance.net/reverse-mortgage.htm
2007-01-02 09:26:16 · answer #4 · answered by Anonymous · 0⤊ 0⤋