The name ‘reverse mortgage’ almost speaks for itself in the sense these types of mortgages reverse a home’s equity accumulation through payment(s) to the homeowner. To understand the pros and cons of reverse mortgages, taking each element of the mortgage one step at a time can help build a familiarity with its features. A good starting point for becoming informed about these loan products is eligibility which includes applicants aged 62 years old and above. Another qualifying criteria is the value of a home’s equity, and any pre-existing debt on the property.
The pros and cons of reverse mortgages differ from person to person, however since reverse mortgages allow the homeowner to receive payment and remain in the home until they leave, three financially important benefits exist.
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