Reverse Mortgage DefinitionBelow you will find a Reverse Mortgage Definition from several sources around the web:From Answers.com Definiton: A mortgage in which a homeowner, usually an elderly or retired person, borrows money in the form of annual payments which are charged against the equity of the home. From About.com Definition: A special type of home equity loan for persons 62 and older. Reverse mortgages allow owners to convert some of the equity in their homes to cash. The loan does not usually have to be repaid during the homeowner's lifetime. Loan advances are not taxable and do not affect the homeowner's Social Security or Medicare benefits. From InvestorWords.com Definition: An arrangement in which a homeowner borrows against the equity in his/her home and receives regular monthly tax-free payments from the lender. also called reverse-annuity mortgage or home equity conversion mortgage. From Investopedia.com Definition: A type of mortgage in which a homeowner can borrow money against the value of his or her home. No repayment of the mortgage (principal or interest) is required until the borrower dies 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 with the proceeds of the reverse mortgage. > To Learn More about Reverse Mortgages (Click Here) << Go from Reverse Mortgage Definition to Our Home Page (Click Here) |
To get a highly competitive quote from a pre-screened top Reverse Mortgage Lender today please click the following link
Top Lender Quote! (Click Here)
Call us Toll Free today 7AM - 7PM, for a referral to a Top Lender or with any Questions you may have.
777 We can Help You! 7 Days a week, 7AM to 7 PM, Nationwide!
Call us Toll Free for Help at
(800) 801-1375
Reverse Mortgage Questions?...Call Us Today Toll Free
7 Days a week, 7 AM to 7 PM
1-800-801-1375
www.reverse-mortgage-explained.com
WE LOVE HELPING SENIORS!!!!
Call us Toll Free at
(800) 801-1375 to get a Quote in Less than 15 Minutes!
- No Pressure - No Hassles - Just a Great Quote from a Top Lender!
This free script provided by
JavaScript Kit