mortgage simple definition: Reverse mortgage

Reverse mortgage

Reverse mortgage.

Reverse mortgage video duration 7 Minute(s) 29 Second(s), published by James Park on 06 09 2019 - 18:36:10.

Guys, you cannot go wrong with Le K Le as your loan officer A reverse mortgage is a loan available to homeowners, 62 years or older, that allows them to This video gives an introduction to SaddleRock Reverse Mortgage, Shannon Shannon - Owner and President and how we we serve our customers.

Or retirement specialist Shelley Wettenhall travelled to the beautiful Bellarine Peninsula to meet with a retired couple with an existing reverse mortgage Reverse mortgage is NOT appropriate for everyone
It's an option for a homeowner to get into a home that is more suitable for their stage in life
There must be

Guys, you cannot go wrong with Le K Le as your loan officer

A reverse mortgage is a loan available to homeowners, 62 years or older, that allows them to convert part of the equity in their homes into cash. Only one needs to be 62 years or older

The product was conceived as a means to help retirees with limited income use the accumulated wealth in their homes to cover basic monthly living expenses and pay for health care. However, there is no restriction on how reverse mortgage proceeds can be used.

The loan is called a reverse mortgage because instead of making monthly payments to a lender, as with a traditional mortgage, the lender makes payments to the borrower.

The borrower is not required to pay back the loan until the home is sold or otherwise vacated. As long as the borrower lives in the home he or she is not required to make any monthly payments towards the loan balance. The borrower must remain current on property taxes, homeowners insurance, and homeowners association dues (if applicable).