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Since your home is probably your largest single investment, it's smart to learn more about reverse mortgages, and decide whether it is right for you. Reverse Mortgages are not for everyone, but every 62 years or older should know what a reverse mortgage can do for them. Reverse mortgages offer a unique opportunity to join us in your retirement with extra income. You can use your retirement, people want the opposite of a mortgage as a way to cash flow. Since they are more and more popular, all seniors should understand how they work to make the right financial decisions.

What is a Reverse Mortgage

Reverse mortgages are a special type of loan, the homeowner convert the equity in his / her home into cash, they differ significantly in features, benefits and costs. Reverse Mortgages are even more complicated than conventional mortgages and the consequences of various options are not always clear ahead. Reverse mortgages were seen as a way to seniors, the asset-rich but cash poor remain in their homes and medical bills, home care and daily living expenses. Reverse mortgages differ from home equity loans, most reverse mortgages require no repayment of principal, interest, fees and service, as long as you live in the home.

What about the interest --

The interest on the outstanding balance and the amount you owe each month. The interest is not deductible on income tax returns until the loan is paid partly or entirely. The prices are on a program-by program, but are generally similar to the rates of adjustable rate mortgages (arms). The prices are usually higher than the average prices of loans.

Available Cash

The cash you get from a reverse mortgage is that you in several ways: all at once, in a lump sum of cash, as a regular monthly cash advance, as a "credit line" account, you can decide when and how much available for payment to you, or a combination of these payment methods.

Some of the charges

How a reverse mortgage, be aware that: Lenders typically charge development fees and other costs for the closure of a reverse mortgage. Lenders also entitled to maintenance fees during the term of the mortgage. Reverse mortgages typically charge loan-origination fees and closing costs. If you sell your home or no longer use it for your primary residence, you or your estate will repay the cash from the reverse mortgage, plus interest and other fees the lender.

Who

Homeowners who meet the eligibility criteria can be a reverse mortgage application for a FHA-approved lending institution such as a bank, mortgage company, or savings and loan association. Homeowners 62 and older who have their mortgages or have only small mortgage remaining funds, and are currently living in the home are responsible for participating in the FHA Reverse Mortgage Program. Reverse mortgages can be a homeowner, the house-rich but cash-poor stay in their homes and still meet their financial obligations. Remember, reverse mortgage borrowers are still homeowners and are therefore still responsible for taxes, insurance and maintenance.

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