Reverse mortgages are complicated loans, so borrowers and their heirs need to understand how to repay the loan when it comes due. By knowing and talking through the options in advance, reverse mortgage borrowers and their family members can decide what option makes the most sense for them.
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Golden Gateway Financial, a reverse-mortgage broker, has an online calculator that uses AARP’s model to let you compare loans. At GoldenGateway.com, click on "Do the math." Input your age, estimated.
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If you are over 62, taking out a reverse mortgage allows you to draw cash from your home, similar to a home equity loan. But, unlike a home equity loan, you don’t.
What is a Reverse Mortgage? How Does a Reverse Mortgage Work? These are just a few of the commonly asked questions regarding reverse mortgages.
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A reverse mortgage is a special type of mortgage loan based on the equity in your home. Unlike a traditional mortgage, you don’t make payments on a reverse mortgage — in fact, the payments are made.
Read how a reverse mortgage works, what to consider when deciding whether to apply and who can qualify for a reverse mortgage.
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If you do decide to look for one, review the different types of reverse mortgages, and comparison shop before you decide on a particular company. Read on to learn more about how reverse mortgages work, qualifying for a reverse mortgage, getting the best deal for you, and how to report any fraud you might see.
A reverse mortgage works by allowing homeowners age 62 and older to borrow from their home’s equity without having to make monthly mortgage payments. As the borrower, you may choose to take funds in a lump sum, line of credit or via structured monthly payments.
Reverse mortgage loans typically must be repaid either when you move out of the home or when you die. However, the loan may need to be paid back sooner if the home is no longer your principal residence, you fail to pay your property taxes or homeowners insurance, or do not keep the home in.