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by Real Estate Guy on September 10th, 2003
A reverse mortgage is a special type of loan available only to equity-rich, older homeowners. Such owners can borrow against the equity they have built up over teh years, but no repayment is necessary until the borrower sells the property or moves elsewhere. If the borrower dies before the property is sold, the estate repays the loan (plus any interest that has accrued.
These loans have become increasingly popular. If you believe you qualify for such a loan, be sure to have the document reviewed by an attorney or another expert.
by ThorThpot on December 23rd, 2008
Your house pays the bank every month and then it owns you.
by EmptyWallet on July 5th, 2009
A way to spend the money now, before those greedy little turds you gave birth too and raised get their grubby hands on it.
by Doggie S on December 23rd, 2008
reverse mortgage
Definition
An arrangement in which a homeowner borrows against the equity in his/her home and receives regular monthly tax-free payments from the lender. also called reverse-annuity mortgage or home equity conversion mortgage.
http://www.investorwords.com/4265/reverse_mortgage.html
What is a reverse mortgage?
by Real Estate Guy on September 10th, 2003
| 7 people like this
I have sold my house and will have to take a small mortgage on my new house, can I immediately apply for a reverse mortgage?
by Lukester on January 19th, 2008
| 1 person likes this
What, if any, are the down sides of going into a "Reverse Mortgage"? What are all of the factors that need to be looked at?
by Peaches on May 23rd, 2008
| 2 people like this
Are companies still doing reverse mortgages, and do you have to have excellent credit?
by Anonymous on March 3rd, 2009
| 1 person likes this
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Comments
Agreed. Especially if you plan on leaving your home to your children. It is a good loan if used correctly. Beware of mortgage officers trying to sell it to you just to make money. Do your homework. You can find more information on www.hud.gov/
by Mrs. DD on December 22nd, 2008
you have to be 62 years old to qualify for this type of loan. The amount of the loan is based on the youngest of the two if you are married. All lenders that do these loans have a calculator on their site to determine more or less what the maximum loan would be and would determine the monthly income you could receive depending if you want a lump sum, equity line of credit or monthly payment or all three.. hope this helped some
by miki12727 on July 20th, 2009