Posted on: 07th Jul, 2007 06:51 am
Can somebody explin me the concept of Reverse Mortgage & Policy of leading Providers
Reverse mortgages are for senior citizens over the age of 62. This type of mortgage is not required to be paid back by the borrower as long as he occupies the house. It is a way by which equity in the house can be converted into income.
The borrower does not have to make monthly repayments and the loan is to be repaid only when the borrower dies or sells the house.
You can read the details of this type of mortgage from this page: http://www.mortgagefit.com/reverse.html
Niicss
The borrower does not have to make monthly repayments and the loan is to be repaid only when the borrower dies or sells the house.
You can read the details of this type of mortgage from this page: http://www.mortgagefit.com/reverse.html
Niicss
Hi,
Reverse mortgage is a senior citizen loan which allows the borrower to convert part of the equity in their home into cash without actually selling their homes. This type of loan is generally tax-free and can be repaid when the borrower dies or sells his property or move out of his principal residence. From your post, I feel that you want to know about the requirements, the criteria and also the leading providers of reverse mortgage. A reverse mortgage borrower must be of 62 years of age and he must be the primary owner of the residence. His credit history is not a great factor to qualify for this loan and his benefit is guaranteed for the whole life.
To know if you can qualify for reverse loan, you can refer to the page on Reverse Mortgage eligibility.
Reverse mortgage is a senior citizen loan which allows the borrower to convert part of the equity in their home into cash without actually selling their homes. This type of loan is generally tax-free and can be repaid when the borrower dies or sells his property or move out of his principal residence. From your post, I feel that you want to know about the requirements, the criteria and also the leading providers of reverse mortgage. A reverse mortgage borrower must be of 62 years of age and he must be the primary owner of the residence. His credit history is not a great factor to qualify for this loan and his benefit is guaranteed for the whole life.
To know if you can qualify for reverse loan, you can refer to the page on Reverse Mortgage eligibility.
"Can somebody explin me the concept of Reverse Mortgage & Policy of leading Providers"
There is no separate policy that any provider adheres to. There are clear laws about reverse mortgages which every loan provider has to follow.
There is no separate policy that any provider adheres to. There are clear laws about reverse mortgages which every loan provider has to follow.