What is a Reverse Mortgage

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1 What is a Reverse Mortgage A reverse mortgage is a type of loan in enabling you to pay off the mortgage and/or receive cash with part of your home equity. In this article we will explain what exactly is a reverse mortgage plus pros and cons of this loan type. How Does Reverse Mortgage Work? Here are a few important facts about US reverse mortgage (Canada and Australia rules may differ): 1. You are still the owner of the house. 2. Selling home or paying off the reverse mortgage loan is the available option. 3. You may choose to get money at once, in a form of credit line, monthly payments or in your own combination of ways. 4. Even if the home price goes down, you will never own more - the possible difference is insured. Am I Eligible for Reverse Mortgage? 1. You must be a homeowner. The home may be under an existing mortgage or it can be paid off. This should be your primary property. 2. Certain financial requirements should be met (depending on your region). 3. You or other homeowner should be 62 or older. Many people doubt they need this type of loan. They start googling with funny queries like what is a reverse mortgage for dummies, so we will try to explain in simple terms why a reverse mortgage may be something you need. For example, you need to renovate your house, but there is still a current mortgage to pay each month and some other crucial spendings. When you sign for a reverse mortgage, you will be able to proceed with the renovation you need and maybe even repay your current mortgage. What a reverse mortgage really does is allowing you to capitalize on the unrealized market price of your property to meet your financial goals. This is a pretty flexible financial tool that you may well use to your benefit especially if you are willing to get a deeper knowledge of what is a reverse mortgage or hire an advisor.

2 Reverse Mortgage Wiki HECM - Home Equity Conversion Mortgage IIR - Initial Interest Rate EIR - Expected Interest Rate LESA - Life Expectancy Set Aside

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