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manu
Joined: 24 Aug 2007
Posts: 2
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| Posted: Fri Aug 24, 2007 6:39 am Post subject: Reverse mortgage |
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:lol: A reverse mortgage is a loan available to seniors , and is used to release the home equity in the property as one lump sum or multiple payments.
The homeowner's obligation to repay the loan is deferred until the owner dies, the home is sold, or the owner leaves (i.e. into aged care).
In a typical mortgage the homeowner makes a monthly amortized payment to the lender; after each payment the equity increases within his or her property, and typically after the end of the term (e.g. 30 years) the mortgage is paid in full and the property is released from the lender.
In a reverse mortgage, the home owner makes no payments and all interest is added to the lien on the property. If the owner receives monthly payments, then the debt on the property increases each month.
If a property has increased in value after a reverse mortgage is taken out, it is possible to acquire a second (or third) reverse mortgage over the increased equity in the home. But in certain countries (including the United States), a reverse mortgage must be the first and only mortgage on the property. |
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rationale
Joined: 08 Jan 2008
Posts: 12
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| Posted: Wed Aug 06, 2008 8:09 pm Post subject: |
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| What are some of the best "reverse mortgage" loan lenders out there? |
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aceventura
Joined: 20 Feb 2009
Posts: 2
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| Posted: Fri Feb 20, 2009 12:50 am Post subject: reverse ???'s |
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| i co-own a home with my sweetheart ... she and i are not married... i am 60 ... she is 64.... do both of us have to be over 62 to obtain a reverse mortgage?... and...home is worth about 450k in todays market...that is if one could sell it... and we have about 150k equity... think we will be able to get some cash out during reverse process....tia...mjm |
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flower2342
Joined: 24 Nov 2009
Posts: 3
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| Posted: Tue Nov 24, 2009 10:15 am Post subject: |
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If you're senior looking for a way to supplement your income, a reverse mortgage might be a good option for you. A reverse mortgage allows you to tap into your home equity to receive money either in a lump sum or monthly payout. You remain the owner of your home and you don't have to worry about making payments as long as you continue to live in the home. It might sound too good to be true, but it's possible to use your home to help make your golden years more enjoyable.
A reverse mortgage is a loan that's taken out based on your home's equity. It's different from a home equity loan because there are no credit checks or income requirements. Additionally, you don't have to make payments on a reverse mortgage the way you make payments on a home equity loan. You might think of a reverse mortgage as a home equity loan, without the payments and check – simply a loan that's made based on the equity you have in your home.
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