Reverse Mortgage is most popular now. But most of people are still doesn’t know the reverse mortgage. Reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence. The program are able you to withdraw some of the equity in your home.
So what the advantages of Reverse Mortgage:
1) Reverse mortgage is a loan that permits homeowners 62 years of age and older to borrow against the equity in their homes without having to sell it. Further, you don’t have to give up the title or take on a new monthly mortgage payment.
2) Reverse mortgage loan is tax-free and needs only to be repaid when the borrower (or in the case of Betty and John, when the surviving spouse) dies or sells the home. At which time, the reverse mortgage loan must be repaid in full, including all interest and other charges.
3) Unlike a conventional mortgage, with a reverse mortgage, the homeowner (the potential borrower) must meet with a reverse mortgage counselor.
4) Qualifying for a reverse mortgage is easy because income and credit history are not considered.
5) A reverse mortgage allows you to remain in your home, modify it for your needs and retain ownership of it.
I will continue for Disadvantages of Reverse Mortgage for next entry.
>
Share This To Your Bookmark :)
Tags: Advantages, Mortage, Reverse