21 Oct 2007 08:02 am
A Reverse Mortgage Will Help Retirees with Income Needs
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| Those age 62 or older looking for more income for retirement may want to look at their biggest asset for potential help. By using a [tag]reverse mortgage loan[/tag], homeowners can turn the value of their home into cash without moving. But specialists stress the importance of getting all information before making a decision. To apply for a [tag]reverse mortgage[/tag] loan, individuals must go through a free counseling service to get a certificate. Certificates are valid for six months after the counseling session. AARP, HUD and the [tag]National Foundation for Credit Counseling[/tag] have certified 500 counselors nationwide. There are three basic combinations of payment for a reverse mortgage. Borrowers can receive a lump sum after closing the loan, choose a line of credit and draw on it at any time or they can opt for monthly payments. |  |