Tuesday, April 23, 2013

The Benefits Of A Reverse Mortgage

(About.com) The reverse mortgage industry has been plagued over the years by confusion, rife with reports of predatory lenders preying on the elderly. Today, reputable lending institutions require that borrowers receive counseling about the risks and pitfalls before committing to a reverse mortgage.


  

How Does a Reverse Mortgage Work?

Reverse mortgages allow a home owner to borrow equity. Instead of making payments to the lender, the lender makes payments to the borrower. Payments can be made as follows:

- A lump sum
- Monthly, for as long as the borrower occupies the home
- Periodic advances through a line of credit
- Combination of any of the above

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1 comment:

  1. SaraMay 3, 2013 at 1:06 AM

    Reverse mortgages have attracted senior citizens since ages. Such home loans are available to people who are 62 years or more of age. The property should be free and clear in order to get the reverse home loan. Or else, a new home can also be purchased with the help of a reverse mortgage. The biggest benefit of the reverse mortgage is that it allows the seniors to get a tax free income in the form of a mortgage. Thus, if they meet the required criteria of the lender, the seniors won’t have to depend on anyone else for financial help. This helps them remain self-sufficient even at an old age.

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