Home Loans
The Truth About Reverse Mortgages
(presented by www.refinance-refinance.net - mortgage lenders)
By Ruben Soliman
When looking into reverse mortgage options, it can be hard to decipher between fact and myth. It is important to understand the aspects of the program to make sure that it is right for you and your situation.
Simply, a reverse mortgage is a type of loan that provides you with a monthly income, a lump sum of cash, or a line of credit. Or any combination you wish. It also pays off your existing loan, if you have one. So you have no house payment. The monthly income you receive from the reverse mortgage is guaranteed and you will receive it as long as you remain living in the home. You can never owe more than your home is worth, no matter how long you live.
Below are the major facts and myths that you often hear.
FACT: You continue to own your home and remain on title, just as you are now. You can even refinance your home, sell it, or pay it off with no penalties.
MYTH: It can be hard to qualify.
FACT: On the contrary, you just have to be 62 years of age and own your home. There isn
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