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technofy_aijaz
Joined: 06 Jun 2006
Posts: 5
|  Posted: Tue Jun 06, 2006 4:45 pm Post subject: REVERSE MORTGAGE |  |
| Reverse Mortgage
A special type of loan used to convert the equity in a home to cash.The money obtained through a reverse mortgage is
usually used to provide seniors with financial security in their retirement years.
For this,the payment stream is reversed,for mortgage,the buyer(borrower) is to make payments to lender,but for revese mortgage,
the lender make payments to buyer(borrower).
It is known as lifetime mortgage in the UK
The cost of getting a reverse mortgage from a private sector in US exceeds the costs of other types of mortgage loans
from such a lender.The lowest cost reverse mortgages are offered by state and local governments.
The loan ends when the homeowner dies or moved out to new home.At the point,the reverse mortgages are paid off by the sale
of the house. |
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