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What Is A Reverse Home Mortgage And Why It May Be Useful To You
(presented by www.refinance-refinance.net - mortgage lenders)



By Joel Teo

Reverse mortgage, as the name suggests enables you receive money against equity on your home. It allows you to get money, without selling your home. However you need to repay the money after your death, while you sell your home or you stop living in the house. Many Americans, the age of 62 and above partly depend on reverse mortgage for different financial requirements like healthcare expenses, to supplement their retirement income or to pay off their mortgage.

Statutory laws pronounce reverse mortgage process generally tax-free and in most cases, without income restriction.

Types of Reverse Mortgages

Basically, there are three types of Mortgages

Single Purpose Reverse Mortgages, supported by local, state agencies or nonprofit organizations
They are low cost loans, usable for only a specific purpose, as specified by the lender. They are available to people with low to moderate income.

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Federally Insured Reverse Mortgages, also known as Home Equity Conversion Mortgages (HECMs), backed by US Department of Housing and Urban Development (HUD)

Proprietary Reverse Mortgages offered by different companies
HECMs and proprietary reverse mortgages are costlier than single purpose reverse mortgages.

The value of the house is the total repayable cash and taking a reverse mortgage loan doesn

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This entry was posted on Sunday, October 1st, 2006 at 4:58 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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