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					Reverse Mortgage
A Reverse Mortgage is a type of a loan to the homeowners that allows them to
trade their home equity into cash payments that they will receive as a result. It will
allow them to supplement their income from Social Security or spend money on
utilities, medical bills or other living costs.

Only seniors who reached 62 years of age can receive this type of loan and take
advantage of cash payments. On this loan the homeowner will not owe anything as
long as the senior homeowner will not be selling the house for as long as he lives.
As soon as the house gets sold, the owner will have to pay the loan and fees
associated with the loan.

The reverse mortgage loan does not become due till the house gets sold, perhaps
after the last surviving spouse dies. If that happens, the reverse loan does not
become obligation of heirs. Heirs of a homeowner will not be made responsible for
reverse mortgage loan payments. They can choose to sell the house, make
payments, or let the house to go though the foreclosure. If some equity will be still
left, they can keep that left amount but after they paid liens and other obligations.

Reverse mortgage term still very unfamiliar to a lot of people and it is always good
to advice a counselor before obtaining this kind of a loan. Federal issued loans will
ensure that homeowner has an approved counselor and it is mandatory for a
homeowner to advice a counselor.

The reverse mortgage loan does not become due till the house gets sold, perhaps
after the last surviving spouse dies. If that happens, the reverse loan does not
become obligation of heirs. Heirs of a homeowner will not be made responsible for
reverse mortgage loan payments. They can choose to sell the house, make
payments, or let the house to go though the foreclosure. If some equity will be still
left, they can keep that left amount but after they paid liens and other obligations.

Reverse mortgage term still very unfamiliar to a lot of people and it is always good
to advice a counselor before obtaining this kind of a loan. Federal issued loans will
ensure that homeowner has an approved counselor and it is mandatory for a
homeowner to advice a counselor



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Description: Reverse Mortgage A Reverse Mortgage is a type of a loan to the homeowners that allows them to trade their home equity into cash payments that they will receive as a result. It will allow them to supplement their income from Social Security or spend money on utilities, medical bills or other living costs. Only seniors who reached 62 years of age can receive this type of loan and take advantage of cash payments. On this loan the homeowner will not owe anything as long as the senior homeowner will not be selling the house for as long as he lives. As soon as the house gets sold, the owner will have to pay the loan and fees associated with the loan. The reverse mortgage loan does not become due till the house gets sold, perhaps after the last surviving spouse dies. If that happens, the reverse loan does not become obligation of heirs. Heirs of a homeowner will not be made responsible for reverse mortgage loan payments. They can choose to sell the house, make payments, or let the house to go though the foreclosure. If some equity will be still left, they can keep that left amount but after they paid liens and other obligations. Reverse mortgage term still very unfamiliar to a lot of people and it is always good to advice a counselor before obtaining this kind of a loan. Federal issued loans will ensure that homeowner has an approved counselor and it is mandatory for a homeowner to advice a counselor. The reverse mortgage loan does not become due till the house gets sold, perhaps after the last surviving spouse dies. If that happens, the reverse loan does not become obligation of heirs. Heirs of a homeowner will not be made responsible for reverse mortgage loan payments. They can choose to sell the house, make payments, or let the house to go though the foreclosure. If some equity will be still left, they can keep that left amount but after they paid liens and other obligations. Reverse mortgage term still very unfamiliar to a lot of people and it is always good to