Reverse mortgages are becoming an increasingly popular lending option for older Americans. Reverse mortgages allow homeowners over the age of 62, the ability to convert a portion of their homes equity into cash, which they can receive in monthly installments or through a line of credit. This short article will provide a brief overview of the reverse mortgage process.
Reverse mortgages provide a sense of financial security for older Americans because they provide a supplement to social security income.
Individuals may receive payments on a term, tenure or line-of-credit basis. Repayment of the loan is not required unless and until the home owner decides to sell the home, or no longer uses the home as his/her primary residence. When either of these two conditions is met, the homeowner is then required to pay back the cash they received from the reverse mortgage. This repayment includes interest and other fees. The remaining equity, if any, belongs to the homeowner.
In order to be HUD eligible for a reverse mortgage loan, an individual must obviously own the home in question, must be 62 years or older, own the home outright, or have a mortgage balance low...
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