August 8, 2007
Reverse Mortgages: A Simple Explanation
Reverse Mortgages: A Simple Explanation
Reverse mortgages have been around for some 20 years. They were created when the American Association of Retired Persons lobbied the US Congress to come up with a financial way for seniors to be able stay in their homes as long as possible. It took awhile for the product to catch the attention of the public, but reverse mortgages have been gaining popularity over the last two or three years.
Simply explained, a reserve mortgage is a loan a homeowner takes out on his house. American laws dictate that the homeowner must be 62 years and older, own his house and live there for the majority of the time. When applying for a reverse mortgage, the amount you will receive will depend on your age, the interest rates in effect at the time of your application, and the value of your house. You have the choice of receiving the loan in one lump sum, in monthly instalments, in the form of a line of credit or as a combination of the first three options.
Unlike a regular or traditional mortgage, a reverse mortgage does not require you to make monthly payments. The loan must be paid in full once you sell your house or no longer use it as a principal residence. This makes owning your house longer a feasible alternative - you never run the risk of losing your home provided you pay the appropriate property taxes and insurance.
A reverse mortgage resembles a traditional or regular mortgage only insofar as closing costs are concerned, including any fees that apply for servicing the loan and other such upfront costs.
If you're thinking of a reverse mortgage, and you qualify (age-wise), talk to a professional financial advisor to see if it's the best thing for your situation.
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