26 Oct 2007 08:10 am
Those Considering A Reverse Mortgage Should Enlist Unbiased Help
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A reverse mortgage is a loan where the lender pays the mortgagee a lump sum, a monthly advance, a line of credit, or all three while the individual(s) continue to live in the mortgaged property. To qualify for a reverse mortgage, the applicant must own the property and all owners must be 62 years of age or older. The amount that can be borrowed is generally based on the applicant’s age, the home’s value and the interest rate the lender is charging. Funds received can be used for any purpose. Reverse mortgage loans typically require no repayment for the term of the loan, but must be repaid in full, including all interest and other charges upon sale or death. Reverse mortgages may have tax consequences, affect eligibility for assistance under federal and state programs and have an impact on the estate and heirs of the homeowner. |
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