A "reverse" mortgage
is a loan against your home that you do not have
to pay back for as long as
you live there. With a reverse mortgage, you can turn
the value of your home into cash without having to
move or to repay the loan each month. The cash you
get from a reverse mortgage can be paid to you in several
ways:
- all at once, in a single lump sum of cash;
- as a regular monthly
cash advance;
- as a "credit line" account that lets you
decide when and how much of your available cash is
paid to you; or
- as
a combination of these payment method.
No matter how this loan is paid out to you, you
typically don't have to pay anything back until
you die, sell
your home, or permanently move out of your home.
To be eligible for most reverse mortgages, you
must own
your home and be 62 years of age or older.
The House of Representatives is currently looking at ways to improve the program (article).
The
following links will provide a wealth of information
on this topic:
AARP:
Reverse Mortgages - AARP is a nonprofit
membership organization dedicated to addressing the
needs and interests of persons 50 and older.
Reverse
Mortgages - Information Produced in cooperation
with the American Association of Retired Persons and
the National Center or Home Equity Conversion
Reverse
Mortgages for Seniors - Top Ten Things
to Know if You're Interested in a Reverse Mortgage.
Information provided by HUD (US Department of Housing
and Urban Development)
 1031
Exchange Program Home
Repair Tips
Reverse
Mortgages Your
Marketing Plan Dressing
Your Home
Your
Moving Checklist Glossary
|
