Financing in Brooklyn>Question Details

Rhayward, Home Buyer in Brooklyn, NY

What is a reverse mortgage, and can it ever be a good idea?

Asked by Rhayward, Brooklyn, NY Mon Feb 25, 2013

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A Reverse Mortgage is designed to be the last loan you may ever need. It works opposite a traditional mortgage. Rather than making monthly payments to pay off a loan as is the case with a traditional or forward mortgage, with a reverse mortgage the equity in your home pays you. Since there are no monthly payments, there is no income or credit qualification required.I have a reverse mortgage which name is reverse mortgage lenders.I think they will help you to know what is reverse mortgage.……………
10 votes Thank Flag Link Thu May 2, 2013
2 votes Thank Flag Link Mon Feb 25, 2013
Anna, is it a good idea? What are the pros and cons?
Flag Wed Feb 27, 2013
A reverse mortgage is a loan for senior homeowners that uses a portion of the home’s equity as collateral. The loan generally does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away. At that time, the estate has approximately 6 months to repay the balance of the reverse mortgage or sell the home to pay off the balance.
All remaining equity is inherited by the estate. The estate is not personally liable if the home sells for less than the balance of the reverse mortgage.

I hope this information helped you.
0 votes Thank Flag Link Thu May 2, 2013
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