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A reverse mortgage is a type of (lifetime morage) for people the ages of 62 and over. It allows the homeowner to access a portion of their equity. I was always told it wasent a good idea.
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∙ 12y ago
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What is the process of a reverse loan?
A reverse loan also known as a reverse mortgage is a fairly simple process. One simple signs over one's home to a financial company in exchange for not having to pay more loan payments.
What is a reverse mortgage for?
A reverse mortgage is for helping older people who might need money. A reverse mortgage is a type of loan for people over the age of 62 who are home owners and they can use this loan to pay for unexpected expenses.
What is reverse equity mortgage?
a reverse equity mortgage usually refers to a reverse mortgage, also referred to as a HECM loan. (Home Equity Conversion Loan). The key difference between a regular mortgage and a reverse mortgage is that no monthly mortgage payments are due on a reverse mortgage. A reverse mortgage also does not have credit or income requirements because there are no payments due. Qualification is based on age- minimum age 62- the value of the home and its location.
What is the difference between a reverse mortgage and a regular home equity loan?
A reverse mortgage is a home loan taken out by a senior home owner that requires no loan payments for as long as the borrower remains living in the house.
Where can you find a reverse mortgage calculator?
Reverse mortgage calculators can be found on line on most mortgage websites.There are hundreds of mortgage loan sites.& This calculator makes it easier to understand the reverse mortgage math and to let you see if this type of mortgage is best for you.
What is the process of a reverse loan?
A reverse loan also known as a reverse mortgage is a fairly simple process. One simple signs over one's home to a financial company in exchange for not having to pay more loan payments.
What is a reverse mortgage for?
A reverse mortgage is for helping older people who might need money. A reverse mortgage is a type of loan for people over the age of 62 who are home owners and they can use this loan to pay for unexpected expenses.
What is reverse equity mortgage?
a reverse equity mortgage usually refers to a reverse mortgage, also referred to as a HECM loan. (Home Equity Conversion Loan). The key difference between a regular mortgage and a reverse mortgage is that no monthly mortgage payments are due on a reverse mortgage. A reverse mortgage also does not have credit or income requirements because there are no payments due. Qualification is based on age- minimum age 62- the value of the home and its location.
What is a ct reverse mortgage?
Ct reverse mortgage isn't a type of mortgage it is a reverse mortgage that takes place in the state of Connecticut. A reverse mortgage is a loan for senior homeowners that uses a portion of the homes equity as collateral. The loan generally does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away.
Please tell me what a reverse mortgage is and who is eligible for them?
A reverse mortgage is a special type of home loan that allows homeowners to turn equity into cash. You can get one from your local bank or online via mortgage lenders.
I am wondering what is the definition of a reverse mortgage?
The definition of reverse mortgage is when the bank takes out a loan based on your property. This is used for extending your mortgage beyond what it is now.
Will having a reverse mortgage on primary residence stop you from getting another conventional loan for secondary home?
No. The reverse mortgage affects only the property used as collateral for that loan.
What is the difference between a reverse mortgage and a regular home equity loan?
A reverse mortgage is a home loan taken out by a senior home owner that requires no loan payments for as long as the borrower remains living in the house.
Where can you find a reverse mortgage calculator?
Reverse mortgage calculators can be found on line on most mortgage websites.There are hundreds of mortgage loan sites.& This calculator makes it easier to understand the reverse mortgage math and to let you see if this type of mortgage is best for you.
Who pays back a reverse mortgage loan?
At "payback time" (the death of the last surviving beneficiary of the reverse mortgage) the house belongs to the bank.
How can you learn about quicken loan mortgage online?
Quicken loan have their own website which has a section on mortgage rates and includes a mortgage calculator. It also has a separate section on reverse mortgages.
Where can one find a home loan in California with bad credit?
To find a home loan in California with bad credit you can contact Ameriquest Mortgage Company, The Lenders Network and Reverse Mortgage Lenders Direct.
