A reverse mortgage is a loan for seniors on their property. Qualifications include age 62 or older, no mortgage or a low balance, and no outstanding debts.
Image via WikipediaA counselor will explain that this loan’s balance grows over time. You retain the title of your property so the loan can be paid off by your heirs or repaid from sale proceeds.. This loan isn’t recommended unless absolutely strapped and with no other options.
You can get this loan through a Federal Housing Administration program called HECM, short for Home Equity Conversion Mortgage but make sure that you’ll remain in your home for at least 5 years to make this worthwhile.
No comments:
Post a Comment