In recent months there is starting to be more said about reverse mortgages. These mortgages allow consumers aged 62 or older take the equity out of their home in the form of monthly payments, a lump sum payment or a home equity line of credit.
You are able to remain in your home as long as you like. The loan is settled upon death or sale of the home. People are beginning to use reverse mortgages as an option for supplementing their retirement. As with most things in life, their are good things and bad thing about reverse mortgages.
It is wise to do your research before applying for a reverse mortgage. Most lenders who offer aarp reverse mortgages also require counseling, before they allow consumers to apply for a bank reverse mortgage.
Dec 8, 2007
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