A reverse mortgage can help provide financial security to the elderly in their retirement years. It is one way to borrow against your home. Generally, the older you are, the more you get; and the more your home is worth, the more cash you get. The loan can be taken in a lump sum, as monthly payments, as a line of credit or a combination of these options. When the borrower dies, sells the home or moves out permanently, the heir will have to repay the loan, principal plus interest-most likely by selling the property. [Read the full Article]
Author: Sanida | Published: 04- 9-2009 |