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5 Facts On Reverse Mortgage


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Imagine a mortgage loan that does not require monthly payments. A reverse mortgage (RM) is just the type of mortgage loan, which is reserved for older homeowners. Being a type of home equity loan, it is usually repaid after the borrower(s) moves out or expire(s). While it is often considered a last-resort source of income, RM has become a popular retirement planning tool for many homeowners. Check out this infographic to find the answers to some of the frequently asked questions on RM.

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5 Facts On Reverse Mortgage

  1. 1. SOURCE: Toll Free: 800-232-5130 Yes, but a few conditions apply. Repay by selling the property or get it refinanced. Would the estate remain under the ownership of the applicant Reverse Mortgage acts inversely to the contemporary mortgage loan, as the borrowers aren’t required to make payments for the money they have borrowed. Instead, borrowers can pay back by accessing the equity built in their home, while also using it as the collateral. Yes, but it depends on the agreement between the lender and the borrower(s). Can the co-owner continue to stay at home while the borrower moves out What can the heirs of the borrower do with the Reverse Mortgaged property Borrowers are free to use the proceeds as they wish. How can the borrower collect the proceeds of the Reverse Mortgage Borrowers aged 62 & above, and who own a home. Who are eligible for Reverse Mortgage Facts on REVERSE MORTGAGE