Reverse Mortgage

RECENT NEWS
Motley Fool  May 21  Comment 
A reverse mortgage can provide you with much-needed retirement income, but it's not the right move for everyone.
Motley Fool  Apr 8  Comment 
When it comes to reverse mortgages, the pro case has gotten a bit stronger due to recent reforms.
Forbes  Mar 3  Comment 
Most current HECM reverse mortgages use an adjustable interest rate, which allows the proceeds from the reverse mortgage to be taken out in any of these four ways or a combination thereof:
Motley Fool  Dec 24  Comment 
Look before you leap; everyone's situation is different.
The Hindu Business Line  Dec 12  Comment 
While the idea is good, poor returns and conditions make the scheme unattractive
MarketWatch  Nov 11  Comment 
Despite advisers’ disdain for reverse mortgages, you should incorporate your housing wealth into your retirement-income plan.
New York Times  Jun 9  Comment 
Advertising for the complex financial products, which let older people tap into home equity, may confuse or oversimplify, or may omit loan information.
MarketWatch  May 23  Comment 
New federal rules that kicked in last month may make it harder for some people to qualify for reverse mortgages.
Motley Fool  May 13  Comment 
Done right, the reverse mortgage can be a good way to get your hands on some cash in a hurry.
Motley Fool  Apr 1  Comment 
Each year, thousands of unsuspecting homeowners are duped into reverse mortgage scams, says the FBI.




 
TOP CONTRIBUTORS

Recently after Finance Minister of India had allowed reverse mortgage in the last year did public sector banks like Canara Bank come up with reverse mortgage product i.e Canara Jeevan

Reverse Mortgage is type of mortgage where homeowners can borrow money against the value of their home. No repayment of the mortgage (principal or interest) is required of the borrower(s) until the borrowers are deceased or the home is sold. After accounting for the initial mortgage amount, the rate at which interest accrues, the length of the loan and rate of home price appreciation, the transaction is structured so that the loan amount will not exceed the value of the home over the life of the loan.

Often, the lender will require that there can be no other liens against the home. Any existing liens must be paid-off through the proceeds of the reverse mortgage.

Reverse mortgage is a method of receiving income that people can tap into for their retirement. The advantage of a reverse mortgage is that the borrower's credit is not relevant, and is often unchecked, since the borrower does not need to make any payments. As the home serves as collateral, it must be sold in order to repay the mortgage when borrower dies (in some cases, the heirs have the option of repaying the mortgage without selling the home). These types of mortgages have large origination costs relative to other types of mortgages. These costs become part of the initial loan balance and accrue interest. Senior citizen borrowers with good credit should carefully analyze the options of a more traditional mortgage, such as a home equity loan, against a reverse mortgage.

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