young or do you have to be over 60yrs?also if you have a mortgage do your payments go up if you release some of your homes value by taking cash from the company or do they only take the payments from you when you either sell it or die???im very confused?????
2007-08-19 11:02:36 · 2 answers · asked by donna 2 in Business & Finance ➔ Personal Finance
You are describing a home equity loan. More specifically, you appear to be describing a 'reverse mortgage' That is actually a home equity loan that GROWS each month as they send you a check instead of you making a payment. You are basically selling the house to the bank a little bit at a time. This product is NEVER a good deal for the homeowner. They interest rates are higher than any other mortgage and you pay interest on the interest.
To answer your second question, reverse mortgages are NOT offered to 34 year olds.
2007-08-19 12:59:57 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
you have me stumped i do understand reverse mortgage and it is great for some older folks but never heard of anything for 60 or under!!! be very wary!!!
2007-08-19 18:32:08 · answer #2 · answered by mister ed 7 · 0⤊ 0⤋