Since the economic recession began, the financial market has been one of the most difficult markets to navigate. Questions like where to turn for advice and how to find the best financial products without sacrificing security is common these days. One product that as been around for a while, but just recently started to take off is the reverse mortgage. You have probably heard about this from different media advertisements, but let me help you in understanding more about this type of funding.
A reverse mortgage (also referred to as a Lifetime Mortgage) is one of the many financial products in the mortgage industry, but works in a very unique way. It is a loan that is available to seniors 62 or older who own their home and want to use a portion of their home equity as collateral. The borrowers can use the funds from the loan as a source of retirement income. The loan does not have to be repaid until the last survivor on the loan passes away or leaves the property. Who would qualified for a Reverse Mortgage? Candidates for this kind of loan must be 62 years of age or older and they must have a single-family home or other approved type of property. He/she must own the home outright or have paid down a substantial amount and lastly use the home as a primary residence.
Do you know someone who is qualified and want to utilize the benefits of a reverse mortgage? This mortgage will let them convert their home equity into cash! By visiting this place, you will find more valuable information about a reverse mortgage. If anyone you know who is looking for a reverse mortgage, this would be a great place to check out and get the information you need quick and easy.