Know the risks of Reverse Mortgages

By admin · Saturday, February 13th, 2010

Before taking out a reverse mortgage speak to a lawyer or family member and be sure you understand exactly what theyre offering you. A reverse mortgage is a type of home equity loan that allows older Americans to convert part of the built up equity in their home into cash loans without having to sell their home or take on an additional monthly bill. In a reverse mortgage you receive money from the lender and generally dont have to pay it back for as long as you live in your home. Instead the loan must be repaid when you die, sell your home, or no longer live there as your primary residence.

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Topics: home loan · Tags: banks, bill, bills, cash poor, collateral, collector, credit, credit unions, debt, equity, estate, financing, heirs, home, home line of equity, home loan, home loans, house, house rich, housing, lean, lien, line of credit, liquid assets, loan, money, mortgage, new mortgage, old, older Americans, payments, phony, Questions, refinancing, retirement, reverse, reverse mortgage, scam, senior citizens, should I, tax

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By marciadvd on February 13th, 2010 at 1:17 pm

In other words..if …
In other words..if it sounds too good to be true ,,,,it is. You will leave the debt to your heirs ….not good.

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Know the risks of Reverse Mortgages

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