Taylor-Brown Real Estate Talks

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A mortgage is a mortgage, right? Wrong.  It is very important to know what type of mortgage you are getting.  There is a FHA, VA, conventional, insured conventional and still yet the reverse mortgage.  

The reverse mortgage is a unique product that was developed for homeowners who are 62 years of age and older.  The reason this product was developed for this specific group of individuals is that all too often this group is cash poor and equity rich.  The loan allows the individuals to live off of the equity in their homes.  

The lender performs an appraisal of the home and then pays the homeowner a monthly amount based on the appraised value of the home.  

In the event, that the homeowner passes away the family owes only what the homeowner used of the equity similar to a home equity loan. 

Originally posted 2009-05-05 05:13:28. Republished by Blog Post Promoter

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