Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

What's the Deal With Reverse Mortgages?
You've seen the television commercials. A well-known actor sings the praises of reverse mortgages and promises fast debt relief if you agree to one. But what is a reverse mortgage? Do you qualify for one? When should homeowners consider a reverse mortgage?
What Is a Reverse Mortgage?
A reverse mortgage is a loan available to homeowners who are age 62 or older. A lender agrees to pay you an amount each month based on a portion of the equity in your home. Each month, you receive a payment based on this amount. As long as the borrower remains in the home, the loan doesn't have to be repaid. However, when the borrower moves from the home, the loan must be repaid. Typically, the home is sold and the proceeds repay the loan.
Who Might Benefit From a Reverse Mortgage? 
Reverse mortgages are available to people age 62 and older for a reason: Many of them face high medical bills. Some people facing terminal or chronic illnesses have only the equity in their homes as their primary asset. For these people, a reverse mortgage may provide the cash needed to pay outstanding medical bills — while letting them remain in their homes.
Reverse mortgage payments, according to ... more

__________________________________________________
Are you on The Rain? Grow Your Network!