Posted on: 25th Dec, 2013 10:44 pm
My mom has decided to take out a reverse mortgage on recommendation from my brother-in-law. But I do not understand how it will work. He says she will be able to use the equity in the property like cash. Won't the mortgage have to be paid off at some point of time?
Hi Guest,
This is the speciality of reverse mortgage. Available only to seniors (people aged 62 or more), in this loan option, the borrowers will not have to pay the monthly payments if he or she is staying in the property and maintaining it.
Take care
This is the speciality of reverse mortgage. Available only to seniors (people aged 62 or more), in this loan option, the borrowers will not have to pay the monthly payments if he or she is staying in the property and maintaining it.
Take care
Yes, I agree with what Sara has said. Your mom will be able to take out a reverse mortgage since this loan is available for the aged people.
The above post has been made by Kate Kelley.