reverse mortgages: Reverse Mortgages: Financing the Golden Years - 09/11/07 11:10 AM
Seek a Qualified Mortgage Consultant to Ensure the Best Results
Ann Arbor, MI - Until recently, seniors 62 years of age and older have not had the best choices when it came to getting cash from their homes. Traditional home loans only offered the option of either selling one's house or borrowing against its equity.
With reverse mortgages coming on the scene, seniors now have some additional cash-flow alternatives. This type of loan allows mature borrowers to convert their home equity into tax-free income without leaving their current home or making mortgage payments - and they do not need an existing income … (0 comments)
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reverse mortgages: Reverse Mortgages - 08/15/07 03:04 PM
There is a lot of talk about reverse mortgages. What is true and what is false about this program. In this Blog I will try to clear up some common myths and help you, the reader, to have a solid understanding.
A reverse mortgage is a FHA insured, government regulated home loan. Only seniors 62 years old and older qualify. Reverse loans differ from regular home finance in the following ways;
There is no credit requirementsThere is no income neededThere is no asset requirementsYou never make a monthly payment for the life of the loan
The loan is based on two factors;
Your ageThe … (6 comments)
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