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donna2967 · Joined: 16 Feb 2011 Posts: 2 1.60 Dollars($)

would like to know what lenders do reverse mortgage for age 60 and would like more information on how to proceed. Thank you

riseabove · Joined: 09 Nov 2009 Posts: 277 11.01 Dollars($)

the great thing about a revervse mortgage is that you don't have to pay it back in instalments, and it's eneraly targeted at seniors.

There's an article here that might help:

floridarefinancemortgagerates.com/reverse-mortgage.php

with a reverse mortgage the lender gives you money based on the accumulated equity you have in the property, either ina lump sum or over time. instead of paying this back in instalments though, the amount owed simply grows over time as interest is added.

The loan is repaid when the property is sold.

rutchelldb · Joined: 24 Jan 2011 Posts: 14 3.72 Dollars($)

Before taking out a reverse mortgage, it would help to consult an attorney who specializes in elder law as well as several insurance brokers. Along with the potential benefits of a reverse mortgage, there are also costs involved. As the homeowners get to retain the title of the home, they have the added burden of paying for insurance, taxes, maintenance and all other expenses related to the property. Furthermore, heirs are also left with the responsibility of refinancing or paying off the mortgage balance when the borrower dies, sells the house or permanently moves out of the house.

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