What Is A Reverse Mortgage?

What is a reverse mortgage? I know the answer, do you? Simply put, these specialty mortgages are equity loans created to produce income for homeowners without a monthly payment.

What Is A Reverse Mortgage - Qualification

If a reverse mortgage sounds like monthly income versus traditional mortgage payments normally required from a borrower, you heard correctly. What all this means is that a homeowner can create income by tapping into equity built up over the years.

Who qualifies for a reverse home mortgage? If you are over 62 years old, live in your home with a decent amount of equity and any existing mortgage is close to paid off, you may qualify.

This differs from a traditional "forward" mortgage that considers credit scores, credit history, debt ratios, job history and income before issuing an approval.

What Is A Reverse Mortgage - Information

• Provides stable income
• Minimum age requirement
• Retain homeownership
• No mortgage payment
• FHA insured option
• Free to improve home
• Pay property taxes
• Maintain insurance
• Postpone selling house
• Medicare not affected
• No prepayment penalty
• Counseling recommended
• Consult tax professional

What Is A Reverse Mortgage - Repayment

Do you know this answer... If homeowners make no payments on reverse home mortgages, how do they get repaid?

For an answer to this reverse mortgage question and to help a Senior, go next to Reverse Home Mortgage! You'll find out more about stable monthly income from a Reverse Mortgage too.

Ask Kate What Is A Reverse Mortgage

As you may suspect, the appraised value is pivotal in the approval decision. In fact, this is usually considered the most important piece to completing the reverse mortgage puzzle.

One of my visitors applying for a reverse home mortgage recently asked me how to increase his appraised value. See how my 7 tips for highest property appraisals can help you too.

What if you could Ask a Mortgage Insider anything you wanted regarding reverse mortgages? Now you can.

So go ahead! After all, Ask Kate is specifically designed to answer your questions and create dialog regarding mortgage solutions.

Home to Get-Your-Best-Mortgage-Rate.com from Reverse Mortgage Collection

P.S. It's worth saying again. Seniors should consult a financial planner, tax accountant and/or an attorney to evaluate their circumstances. Reverse mortgage counseling is highly recommended.

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