Reverse Mortgage Pros and Cons

15/12/2011 10:35

What is a Reverse Mortgage?

A Reverse Mortgage is a very useful home loan option especially for senior homeowners. If you are qualified for a Reverse Mortgage, you need not to pay any monthly payment. Equity of your home repays the reverse mortgage when you sell your home, or die or move out permanently. You, or your children can keep the excess of what you owe the lender. If you are interested to know more, take a look at Reverse Mortgage Pros and Cons.

Tips, which can help you, qualifying for a reverse mortgage:

1) Your age should be at least 62 years.

2) You should have a home on your own name.

3) Older you are, higher the amount of reverse mortgage.

Benefits of reverse mortgage:

Reverse mortgage is beneficial for you if you regularly require money for your living without facing any financial scam. For instance, your age is 65 years, it is obvious that you cannot work on your own in this age; you have no additional source of income but your are a owner of luxurious home, in this critical situation reverse mortgage can help you.

Reverse mortgage is also helpful in situation when you don't want to leave your home for your children.

In this situation, your home will repay reverse mortgage after your death.

Reverse mortgage is available in all the major cities of United States. If you are residing in or around California, then you can take the benefit of California reverse mortgage.

If you are unable to go to a bank or any financial institute for a reverse mortgage loan, you can get information about all type of senior homeowner loans online and can apply online too. Your money will be directly transferred to your account.

Money received as reverse mortgage will be tax-free.

Reverse Mortgage thus permits you to live in your home happily in your golden years. However,we advice you to consult a financial adviser before applying for a reverse mortgage. For more info, visit Reverse Mortgage Pros and Cons.