Secrets Your Mortgage Broker Will Not Tell You

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Retirees Can Use Reverse Mortgage

Source: https://www.intheblack.com

For people 62 years of age and older, they can make use of a reverse mortgage. This means they can take out a loan against their home equity and continue living in their homes. The loan can be used to help fund their life in retirement. Not many elderly are ready to vacate their homes by selling it prematurely. Even if they need the money. When you take out a reverse mortgage, the lender makes payments to the homeowner, rather than the other way around. The loan is paid off when the home is sold, with the lender receiving the principal plus interest. Any additional proceeds of the sale go to the homeowner. Best to research to get more details before embarking on a reverse mortgage.