 Information on Reverse Mortgage
If you are a Senior Homeowner, you may find the extra money obtainable with a Reverse Mortgage to be of great benefit to your wants and needs.
You can qualify for a Reverse Mortgage if your age is 62 or more and own your home. You retain full ownership and control of your home with a Reverse Mortgage
With a Reverse Mortgage you may continue to receive income, and defer repayment, for as long as you live at home - no matter how long that may be.
All Reverse Mortgages are non-recourse loans which means there is no personal liability to you or your Heirs - no matter what. Reverse Mortgage lenders can only look to your home's value for repayment (both Homeowner and Lender are insured against loss). With a Reverse Mortgage, you can never ever be forced from your home (you own it); the Reverse Mortgage does not have to be repaid until after you permanently vacate your home.
Reverse mortgages have been around for a long time without really catching on. Banks considered them more of an insurance product than a mortgage product and they could be a hassle to service; consumers either did not understand them or were afraid of them, and the principal marketing target was very small population Senior advocacy groups were pretty much the only ones out there educating consumers and pushing banks to provide reverse mortgages and, even though their popularity is growing slowly.
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