Reverse Mortgage Fast Facts. A reverse mortgage is a type of home equity loan that allows your loved one to convert some of the equity in his or her home into cash while retaining home ownership. RMs works much like traditional mortgages, only in reverse. Rather than making a payment to the lender each month, the lender pays your loved one.
A reverse mortgage is a loan in which a lender pays you while you continue to live in your home. The payments can be made monthly,in a lump sum, or in the form of a line of credit. You don’t have to pay it back while you still live in your home. To be eligible for a reverse mortgage, you must own your home and be at least 62 years old.
"Using a reverse mortgage to tap home equity is one of the most powerful options available to retirees today" – Alicia Munnell, Director, Center for Retirement Research at Boston College *Consult a financial advisor and appropriate government agencies for any effect on taxes or government benefits.
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Quick Reverse Mortgage Planning Tips Before you make up your mind about pursuing a reverse mortgage, take a minute to make sure you’re starting out on the right foot. Having a strong foundation will make your loan process much easier, both for you and for the professionals involved.
Not so fast. as your rate resets. There are different mortgage options to consider outside the classic 30-year fixed, so it pays to play around with different financing scenarios and see which one.
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Five reverse mortgage facts you should know to decide if a reverse mortgage is for you: You choose which payout option is best for you. As mentioned before, you can receive the reverse mortgage loan funds in several ways: Monthly payments that run as long as one borrower remains alive and living in the home.
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