![]() |
What Exactly Is A Reverse Mortgage And How Does It Work?A reverse mortgage is a certain loan that allows the older generation to take their home equity and turn it into cash. With this type of loan the bank is actually paying you monthly out of the equity in your home. The funds from reverse mortgages can be used for whatever you like. Many people like to use it for taking a trip, home renovations, buying new furniture, or just for day to day living. Most people don't realize that they have this option with their homes equity. The age minimum for this type of home loan is 62. You can still get a reverse loan even if you are still paying on your mortgage as long as there is some home equity built up. There are a few requirements though, like the house should be in good condition, not ant or termite infested. It will be inspected before any loan is approved. So before even considering this type of thing, make sure that any deficiencies have been dealt with. There are three different kinds of a reverse mortgage: FHA (Federal Housing Administration) Insured, underinsured, and uninsured. They all have their differences so be sure to find the one that's right for your situation. Being able to make use of your home equity while you are still alive is the whole idea of this type of mortgage. But it's not for everyone, as it will lower the amount left to your estate. Some people may like this, but others may want to leave all they have to their children. Chris Rodriguez is the author/publisher of http://www.online-finances.com. Discover helpful information on mortgages, car loans, student loans, consolidation loans, and much more. Check out our website before you get your next loan or visit just to get tips and valuable information on a particular finance related subject.
How a mortgage refinance affects your net worth Fox Business Mortgage refinance rates continue hitting record lows – here’s how to get the best deal now Fox Business 3 Mortgage Refinance Strategies to Consider in 2021 The Motley Fool Thinking of refinancing your mortgage? Do your homework before you jump in. The Philadelphia Inquirer What Is A Debt Consolidation Refinance? | Pros And Cons The Mortgage Reports Can you refinance a mortgage while in forbearance? Fox Business What is a mortgage prepayment penalty fee, and how does it work? Business Insider Buying a Second Home: What to Do and How Much It Costs Credible News Mortgage refinance: Everything you need to know Fox Business How to decide if you should refinance your mortgage Fox Business Today’s mortgage refinance rates hold steady for third consecutive day | December 11, 2020 Fox Business How to refinance your mortgage Fox Business Who's exempt from the new mortgage refinance fee? Fox Business Should You Lend Your Kids Money for a Home Down Payment? The Motley Fool Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 Forbes 4 ways to get lower mortgage refinance rates Fox Business Today’s mortgage refinance rates mixed — one key rate drops while two hold steady | December 15, 2020 Fox Business How do I get the most out of my mortgage refinance? Fox Business 10 things to know before refinancing your mortgage Fox Business Today's mortgage refinance rates don't budge for fourth consecutive day | November 24, 2020 Fox Business Refinancing your mortgage? Don’t make this mistake Fox Business Today's mortgage refinance rates stay low with the election underway | November 3, 2020 Fox Business How often can you refinance your mortgage? Fox Business Complete Checklist of Mortgage Refinancing Requirements Credible News 10 tips for getting the best mortgage refinance rates Business Insider The best mortgage refinance lenders of January 2021 Business Insider How to refinance your mortgage without closing costs Fox Business When should you refinance your mortgage? Fox Business Today's mortgage refinance rates hold steady at unprecedented lows | October 16, 2020 - Fox Business How to get a low-cost mortgage refinance Bankrate.com How to Refinance Your Home | Home Lending Chase News & Stories Mortgage refinancing is about to get more expensive Pittsburgh Post-Gazette How much can you save by refinancing your mortgage? Fox Business No-Closing-Cost Refinance: Is It Right for You? NextAdvisor The impact of the coronavirus on mortgage refinancings Brookings Institution Can I Refinance My Mortgage With Bad Credit? NextAdvisor
|