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So What are Reverse Mortgages Anyway?

September 12th, 2007 · 2 Comments

Reverse Mortgages are mortgages in reverse. A financial institution will pay you money against your equity on a house or property owned by you. In a mortgage, as time goes by, your equity in a house goes up and the loan amount goes down. In a reverse mortgage, your equity decreases with time, and your loan (or debt) increases. So you buy a house, pay off the mortgage, and then slowly sell your house. Who’d do that? How about people nearing retirement, who want a regular inflow of cash? Yes, the older you are, the more valuable your house is, the more money you get every month out of a reverse mortgage. More details below:

Reverse Mortgage Information is an excellent site for you to bring yourself up to date with the terms involved and all the associated facts. Their reverse mortgage FAQ is pretty extensive and should answer most all questions related to reverse mortgages. You can also find an extensive state-by-state listing of reverse mortgage lenders in case you decide to opt for one. In case you can’t make up your mind whether you should try a reverse mortgage, try the retirement calculator – it has 11 input variables, varying from expected percentage decrease in spending, to expected inflation, to expected social security benefit. Once you think you know the facts about reverse mortgages, take the reverse mortgage quiz to make sure you got it right. All in all, the site is a prime destination for reverse mortgage information and leads.