Quick Facts About Reverse Mortgages

10/05/2007

posted by N. Sioris

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Reverse Mortgages offer older homeowners a solution for accessing their home equity without having to make monthly mortgage payments. Seniors that find themselves strapped for cash or are having difficulty coming up with lump sums of money to make major purchases or home repairs, are increasingly turning to reverse mortgages to help with their financial needs.


A few quick facts that you should know about Reverse Mortgages:


Reverse Mortgages are "Rising Debt" loans.

No mortgage payments are required as long as the borrower lives in the home.

The money received from a reverse mortgage is Tax-Free.

There are no income or credit qualifications considered for loan approval.

The house stands alone for the debt when the mortgage is re-paid.

Social Security and Medicare benefits are not affected by a reverse mortgage.

The lender does not own the home. Owner retains title to the property.

The lender does not sell the home when the owner dies or moves out.

More in depth information can be obtained from this Free Reverse Mortgage Report.

You can also request a complimentary Reverse Mortgage Evaluation to see how much money you are eligible to receive if you apply for a reverse mortgage.