What is a Reverse Mortgage?
It is a Loan on the equity that has built up over time in your home. This type of loan is sometimes called a non-recourse loan ( no debt is left to the heirs)
If the balance of the loan is less than the market value of the home , there is no debt to the heirs, If there is equity left in the home it is retained by the owner or the heirs.
A reverse mortgage is like any other loan you apply for, there are a whole bunch of things that are in place to protect the lender and the homeowner, so there are very specific steps to go through to qualify for a reverse mortgage
You will have a better chance to qualify for this type of loan if your home is mortgage free, you will be able to access a larger amount of money this way.
After a year and a half of retirement, the focus on what is important and what is not, is becoming much clearer as time passes by. At this point in time they are, keeping healthy, both in mind and body and being wise in our investments, so we can get a return and hopefully be able a little more comfortable in our later life.
Tuesday, January 07, 2014
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment