Reverse Mortgages Information and Research
Reverse America is here to provide you with information and help regarding reverse mortgages. Use this site as a resource for deciding if a reverse mortgage is right for you.
Intro to Reverse Mortgages
Reverse mortgages are becoming more and more popular, and all senior citizens should understand how they work in order to make the right financial decisions. This increased popularity is due in part to how reverse mortgages work, which is by increasing the liquidity of a senior citizen's assets. Many older Americans live in paid-off houses, and yet still have a hard time finding cash for simple items such as food and medication. With reverse mortgages, the lender pays the homeowner based on the mortgage payments that have been made over many years. The owner remains in the home during the reverse mortgage while collecting monthly payments or a line of credit. Furthermore, the lender cannot take away the home if the homeowner outlives the loan, you do not need to repay the loan until you no longer live in the house, and you can never owe more than your home's value. We provide a detailed explaination of reverse mortgage facts to help seniors with concerns about reverse mortgages.
Those eligible for a reverse mortgage must be at least 62 years of age, own the home they live in (or have a low mortgage balance), and that home must be a single family house, a two-to-four unit property, townhouse, or a certain type of condominium. After being accepted for a reverse mortgage, senior citizens have three choices for borrowing on their home equity: lifetime monthly payments, a large lump sum, or a credit line (now available in all states). The amount that applicants receive depends largely on their age, value of property, and whether there is a remaining balance on the mortgage. Typically, the older the applicant, the larger the monthly sum or line of credit will be.
Reverse mortgages are now being offered to help our nation's older citizens, who are often in need of cash to pay for medications, food, and other living expenses. A perfect solution for someone needing a larger monthly income, a reverse mortgage has the potential to solve many financial problems. Do some research and decide if a reverse mortgage is the right solution for you, and if so, what type of reverse payment method would work best.
Other Resources
Check out some of these other sites for helpful information on reverse mortgages.
- The American Association of Retired Persons or AARP provides seniors looking into a reverse mortgage with helpful informaion.
- Mortgage Loan Place also provides information, a reverse mortgage calculator and can help you pre-qualify for a reverse mortgage.
- The Department of Housing and Urban Development or HUD has free information about reverse mortgages on thier site.
- Seniors living in rural areas can take advantage of the benefits provided by the USDA Home Loan Program.
- You may also check out Reverse Mortgage.org for additional help or information.