Reverse mortgages are home loans that are given against a residential property. There is an age limit requirement for such a loan (62 years or older), making it optimal in some instances for retirees that need the added cash. The loan will be repaid once you or your heirs decide to sell the home. There are many rules that come attached with a reverse mortgage as well as some payments that you have to keep up with to reduce the risk of foreclosure.Continue reading
Reverse mortgages can be a great way to invest in real estate for potential homebuyers who are 62 years and older. You will be able to borrow against the equity to get credit or a line from a lender to purchase your new home. In some cases repayment is only necessary if you or your heirs sell the property and often there are no monthly payments required on the loan.
If you’re still on the fence about reverse mortgages, or maybe you feel you just don’t have all the information, don’t worry. We have outlined a list of pros and cons about reverse mortgages to help you make an informed decision.Continue reading