Reverse Mortgage Explained...

Can't remember how many times I've been asked "What is a reverse mortgage"?

Reverse mortgages are a great way to get a loan using your primary asset. As in all cases of financial lending, the flexibility comes at a price. A reverse mortgage is a loan using your house and is referred to as a “rising debt, falling equity" kind of deal.

To compare reverse mortgage to a more traditional one, the type of mortgage commonly used when buying a house can be classed as a “forward mortgage”. To qualify for forward mortgage, you must have a steady source of income. Because the mortgage is secured by the asset, if you default on the payments, your house can be taken from you. As you pay off the house, your equity is the difference between the mortgage amount and how much you’ve paid. When the last mortgage payment is made, the house belongs to you. Link to rest of article Reverse Mortgage Explained

Additional resources:

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http://www.benefits-of-a-reverse-mortgage.com/msn_search/sitemap.html


http://www.massachusetts-reverse-mortgage.com/msn_search/sitemap.html


http://www.reverse-annuity-mortgage.com/msn_search/sitemap.html


http://www.reverse-1031-mortgage.com/msn_search/sitemap.html


http://www.reverse-morgage.org/msn_search/sitemap.html