Reverse mortgages explained
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A decent presentation about Reverse Mortgages and how they work. I honestly do not remember where I got this from and I hope it is not a problem that I ma posting it.
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Reverse mortgages explained
- 1. Reverse Mortgages Explained First Meridian Mortgage Michael Pinter 2607 Nostrand Avenue Brooklyn, NY 11210 Phone: (718) 906-6132
- 4. How Can I Receive My Reverse Mortgage Loan Proceeds? * Not all products and loan options are available in all states
- 6. Hospital/Health Care Costs – Repay Existing Mortgages – Reduce Burden on Children – Home Improvement/Repair – Pay Property Taxes – Daily Expenses – Travel/Something Special – Gifts – 67% 55% 50% 50% 38% 29% 14% 3% What are Common Uses for Reverse Mortgages?
- 12. Reverse Mortgages and Home Equity Home value Rising loan balance Closing 10 years 20 years 30 years 40 years Results will vary for each customer. Borrowers or heirs typically retain some equity at loan maturity
- 15. Questions? For more information please contact us at: First Meridian Mortgage Michael Pinter 2607 Nostrand Avenue Brooklyn, NY 11210 Phone: (718) 906-6132
Editor's Notes
- This means that this is a rising debt or negative amortizing loan. The loan balance keeps growing after the closing because we add interest and servicing fees. However, the borrowers typically retain some equity when the loan matures.