August 15, 2006 3:01 AM
What Is Reverse Mortgage?
AARP site is a great starting point of learning reverse mortgage, and especially how it is different from the traditional "forward" mortgage. Note not everyone can apply: reverse mortgage is only available to homeowners at age 62 or above.
From AARP:
A "reverse" mortgage is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. The cash you get from a reverse mortgage can be paid to you in several ways:
• all at once, in a single lump sum of cash;
• as a regular monthly cash advance;
• as a "creditline" account that lets you decide when and how much of your available cash is paid to you; or
• as a combination of these payment methods.No matter how this loan is paid out to you, you typically don't have to pay anything back until you die, sell your home, or permanently move out of your home. To be eligible for most reverse mortgages, you must own your home and be 62 years of age or older.
10/19/06 | Drawbacks Of Reverse Mortgage
10/19/06 | 9 Steps To Get Reverse Mortgage
10/19/06 | Deciphering Reverse Mortgage Cost: Origination Fee
10/19/06 | Deciphering Reverse Mortgage Cost: Appraisal Fee
10/19/06 | Deciphering Reverse Mortgage Cost: Mortgage Insurance Premium
10/19/06 | Reverse Mortgage FAQ: Payment Options In HUD Reverse Mortgage
10/19/06 | Reverse Mortgage FAQ: Difference Between A Reverse Mortgage And A Home Equity Loan
10/19/06 | How Can You Qualify For A HUD Reverse Mortgage?
10/09/06 | Typical Costs and Interest Rates of Reverse Mortgage
08/25/06 | Top 10 Things You Should Know About Reverse Mortgage
08/23/06 | When You Shouldn't Consider Reverse Mortgage
08/22/06 | Three Types of Reverse Mortgages
08/21/06 | House-Rich and Cash-Poor? Reverse Mortgage May Be Good For You.
08/20/06 | Reverse Mortgage: The Cost Rundown
08/19/06 | Reverse Mortgage Is Tax-Free, But Sometimes Not Tax Deductible
08/18/06 | Reverse Mortgages: More Money for the Elder
08/17/06 | Is a Reverse Mortgage Right for You?
08/16/06 | How Reverse Mortgage (RM) Will Affect Your Medicaid
08/15/06 | ABC offers ABC of Reverse Mortgage
08/15/06 | Save Your Retirement With a Reverse Mortgage
08/15/06 | Top Ten Things to Know About Reverse Mortgage