Blog, Educate Yourself
FAQ: Reverse Mortgage
March 22, 2009 by Mortgage Align · Leave a Comment
Reverse mortgage is a loan for older people so that they receive monthly, tax free payments without selling the house.
- What is the qualification?
You must be 62 and must have equity built in your home.
- What if the house is mortgaged?
You may qualify even then. The money received should be used to pay off the initial mortgage.
- How much money is paid to me?
It depends on factors like the home age, the valuation, your age at the time of taking the loan, and current interest rates.
- Are they monthly payments?
No. Money can be got in form of lump sum, lines of credit, and monthly payments.
