You have probably heard about reverse mortgage from the news, from an ad or even from a friend. While you may have gotten a general idea of how a reverse mortgage works, you will need to look for more information if you’re considering applying for one.
Educate yourself on how a reverse mortgage works to be able to determine whether getting one will be a smart choice for you.
Here is a list of topics that are recommended for you to learn initially.
What is a Reverse Mortgage?
First, of course, you need to know what reverse mortgages are and how they basically work. A reverse mortgage lets you turn your home’s equity into cash without incurring additional monthly payments or needing to sell your house. Reverse mortgages are only available for homeowners age 62 and older.
Types of Reverse Mortgages
There are three general types of reverse mortgage loans: single-purpose reverse mortgages, federally-insured reverse mortgages (also called HECMs), and proprietary reverse mortgages. Find out about each type to determine which will best suit your particular situation.
Reverse Mortgage Requirements
Interested individuals should then check whether they meet the requirements for a reverse mortgage. Along with this, there are also other responsibilities that a borrower will need to know about through the life of the loan.
Reverse Mortgage FAQ
Many specific points during the reverse mortgage application process are covered in our extensive FAQ. Visit this resource to check if your particular question has been answered. If not, send us your question and we’ll get experts to answer.
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