retirement: Considering a Reverse Mortgage? Make Sure You Understand the Advantages and Disadvantages
- 01/22/11 11:31 PM
To be eligible for a reverse mortgage, you must be at least 62 years of age, own your home, and be living in it as your primary residence. The amount you are eligible for depends on your age, interest rates and the value of your home. Most reverse mortgages are set up for seniors to receive monthly payments. Advantages: Fairly easy to qualify since credit scores and income are not part of the qualification process. Enables conversion of part of the equity in a home into tax-free income. No monthly payment is due from the homeowner unless he or she dies, … (1 comments)
To be eligible for a reverse mortgage, you must be at least 62 years of age, own your home, and be living in it as your primary residence. The amount you are eligible for depends on your age, interest rates and the value of your home. Most reverse mortgages are set up for seniors to receive monthly payments.
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