reverse mortgage explained simply

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Reverse mortgage – Wikipedia – A reverse mortgage is a mortgage loan, usually secured over a residential property, that enables the borrower to access the unencumbered value of the property. The loans are typically promoted to older homeowners and typically do not require monthly mortgage payments. Borrowers are still responsible for property taxes and homeowner’s insurance.

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Reverse Mortgages Explained by Liz Weston – AARP – A lower-cost version now exists, but you shouldn’t rush into one. A reverse mortgage is a loan against your home equity that you don’t have to pay back as long as you live there. Assuming you have enough equity in your home, you could use a reverse mortgage to pay off your existing mortgage.

The Reverse Mortgage Book: Everything You Need to Know. – The Reverse Mortgage Book: Everything You Need to Know explained simply [cindy Holcomb] on Amazon.com. *FREE* shipping on qualifying offers. Recent estimates have shown that there are more than 100, 000 active reverse mortgages in the United States

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A reverse mortgage is a type of loan for seniors age 62 and older. Reverse mortgage loans allow homeowners to convert their home equity into cash income with no monthly mortgage payments.

How Should I Finance Assisted Living? – “If you had some home equity, even if your spouse dies and you’re planning to remain in the home, you could take out a reverse mortgage,” Tucker says. you might consider simply downsizing and.

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The reverse mortgage would remain intact so long as any of the original borrowers remain living in the property. For purposes of the reverse mortgage, a surviving spouse is not an "heir", they are an original borrower/owner if they were on the title and loan when it was originally done.