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richosasimohan · Joined: 18 Jul 2007 Posts: 38 23.61 Dollars($)

What is reverse mortgage?

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

It is a mortgage specifically for senior citizens aged 62 or more. It is one way by which equity in the home can be converted into cash by seniors. On this kind of mortgage the borrower is not required to make any monthly payments.

Please go through this page to get more information about reverse mortgages and their use: Reverse Mortgage: Home loan for seniors

Miller

Niicss · Posted: Thu Jul 19, 2007 6:07 pm Post subject:

Some other good sources to read about reverse mortgages :

http://www.reversemortgage.org/

http://www.aarp.org/money/revmort/

http://www.hud.gov/buying/reverse.cfm

http://www.reverse.org/

Guest

Richo....you just wanna the meaning or you have any specific reason ???
and how old are you dude????

oshinaopika · Joined: 24 Jul 2008 Posts: 5 2.39 Dollars($)

Hi
I don’t have so much idea regarding this subject. Just I suggest you to take steps accordingly.

brian1 · Posted: Thu Jul 24, 2008 7:41 pm Post subject:

There are many different programs including a Jumbo reverse mortgage. The way they work is fairly simple. The owner must be 62 (60 for some) years of age. They must have a lot of equity in their home... usually 50-60% equity. The numbers are based on a calculation using the age of the youngest borrower and the valud of the home.

The borrower usually has options to how they would like to receive their money 1) a lump sum 2) monthly payments) 3 a line of credit
The amount allowed to be borrowed takes into account the fact that the interest must be paid for the life of the borrower by the equity of the home as NO payments are due with a Reverse mortgage.

It is a great way for seniors to supplement their retirement and get rid of a mortgage payment. The bad side is that is does eat away at the equity of the home. The trade off is clear NO PAYMENT and in many cases a payment made to them.

Hope this is clear if you have a specific question please let post up.

Brian

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