What is a reverse mortgage?
If we have to put it simply, it is a good opportunity, especially for a senior person to get easy cash and to avoid his monthly payments for that. The reverse mortgage loan will be taken only against the equity of that person’s house, which he had paid through the years.
a) The Main Benefit Comes In the Form of the Cash Money
The main benefit a senior gets is instant cash every month. If he needs more money than his monthly income to fulfill of his day to day expenses, he can easily take a reverse mortgage loan against the equity of his home. The loan amount will be paid directly to him every month, as a credit line or as cash money what ever he chooses.
b) Almost Everybody Can Qualify.
According to the rule, if the borrower is a citizen of
That’s for today. Folks…we will be discussing it further until next time.
