Reverse Mortgage

MarketWatch  Mar 30  Comment 
Reverse mortgages differ from other types of home-equity loans in a number of ways, one of which is higher costs.
Motley Fool  Jan 1  Comment 
A reverse mortgage could be an ideal source of money in retirement. But it's important to know the answer to these three things in particular first.
Motley Fool  Dec 17  Comment 
A reverse mortgage can be an effective way to generate income when you need it, but there's a downside to signing up.
New York Times  Dec 9  Comment 
The companies promoted the loans as essentially risk-free, federal regulators said. But borrowers can lose their homes through foreclosure if they fail to make necessary payments.
MarketWatch  Oct 31  Comment 
Financial tool can mitigate against retiring just as the stock market tumbles.
Motley Fool  Oct 15  Comment 
If you're thinking of applying for a reverse mortgage, here are three things you should do first.
Motley Fool  Oct 9  Comment 
A reverse mortgage can add to your retirement income, but here's what you should know first.
Motley Fool  Oct 1  Comment 
Reverse mortgages can be a rather safe and effective way to boost your retirement income, but they're not without some drawbacks and downsides.
Motley Fool  Sep 23  Comment 
Reverse mortgages are complicated and tricky. If you're thinking of getting one, read this first.


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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