reverse morgage designed for senior citizens ?

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reverse morgage designed for senior citizens ?

the morgage is made toward your equity in your house and you can draw against it

2007-03-28 18:06:10 · 2 answers · asked by jonju@sbcglobal.net 1 in Business & Finance ➔ Personal Finance

2 answers

In simple language, a reverse mortgage is like giving the bank your home and then you get to live there till the amount of money the bank agreed upon, runs out.

If you out live the amount the bank gives you for the home you then have to move and the bank gets your home(because basically they bought it from you) or you have to sell and pay the bank off and hopefully have some money to live off yet.

If you die, any heirs get nothing till the bank gets all that they have coming.

2007-03-29 02:06:08 · answer #1 · answered by Kitty 6 · 0⤊ 0⤋

Do you have a question?

2007-03-28 19:30:51 · answer #2 · answered by canyonview11 3 · 0⤊ 0⤋