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11 Reasons to Apply for a Reverse Mortgage Loan
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Author: Sandra Wellman Article source: http://www.articlealley.com/. Used with author's permission.
What is a reverse mortgage?
A Loan or line of credit you take against your house from the equity in your house that you do not have to repay, as long as you live there. You can choose to pay it off if you sell your home or you can simply live in your home until you both pass away and the home would then belong to the bank. Remember that you will still need to pay for your property taxes, insurance and repairs. If you do not, the loan could become due in full.
Who qualifies for a reverse mortgage loan?
Anyone who; is over 62 years of age, owns their home and has paid off at least 60% of their mortgage. Unlike a regular mortgage or line of credit, a potential borrower must meet with a reverse mortgage counselor to make sure you fully understand what you are getting. Your bank or the HUD will have a list.
Reasons to get a reverse mortgage:
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