27 September 2008

What are Reverse Mortgages?

With the economic crisis at hand many homeowners are wondering about alternatives to loans banks are giving out.  Some may find the answer in reverse mortgages.  A reverse mortgage is a loan that enables homeowners age 62 and over to tap the equity in their home without having to make a mortgage payments, move, or sell the home. It truly is a “mortgage in reverse”.  A reverse mortgage is a special type of home loan that lets a homeowner convert a portion of the equity in his or her home into cash. The equity 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 you no longer use the home as their principal residence. HUD’s reverse mortgage provides these benefits, and it is federally-insured as well.   Searching for reverse home mortgages can be difficult, but they are out there and are great ways to gain some extra income.

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Posted by Jay McGrath | Leave a comment

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