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Reverse MortgagesAs the numbers of people reaching retirement age are increasing, a new kind of mortgage has been created.
The newest rage in the mortgage business is called a reverse mortgage. A "reverse" mortgage is a special
type of loan against your home that you do not have to pay back until you die, sell your home, or permanently
move out of your home. With a reverse mortgage, you can turn the equity of your home into cash without having
to repay the loan each month. This type of mortgage gives older Americans greater financial security to supplement
social security, meet unexpected medical expenses, make home improvements, and more.
The cash you get from a reverse mortgage can be paid to you in several ways:
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The information contained on this website is provided as a supplemental educational resource. Readers having legal or tax questions are urged to obtain
advice from their professional legal or tax advisors. While the aforementioned information has been collected from a variety of sources deemed reliable, it is not guaranteed and should be independently verified. Copyright ©1999-2008 ERATE · All rights reserved · California Dept of Real Estate · Real Estate Broker #01292265 · DRE Phone (916) 227-0931 ERATE · 2900 Gordon Ave · Santa Clara · CA · 95051 |
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