hardik Soni
Joined: 16 Jun 2010
Posts: 42
Location: India
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| Posted: Sat Aug 07, 2010 12:07 pm Post subject: Reverse Mortgage Loan... |
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A reverse mortgage is as loan available to seniors and it is used to release the home equity in the property as one lump sum or multiple payments. The home owner's obligation to repay the loan is deferred until the owner dies, the home is sold, or the owner leaves.
To qualify for reverse mortgage the terms and conditions or qualifications may be vary. As we talk about the United states the age of borrower must be 62 years. There are not any terms for minimum credits and incomes criteria. The exact cost for reverse mortgage depends on the particular reverse mortgage program or equity conversation loans. If we talk about the interest rate on reverse mortgage then it is depending on a program by program basis the only reason is that the loans are secured by the home itself. But only one thing that the interest rate in must be below in any other interest rate in the standard mortgage marketplace. Can you discuss something more about the same topic ?
Thanks. |
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