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Reverse Mortgages

Keeping in line with the old adage "Age has its privilege." the mortgage industry has structured what is known as a reverse mortgage - RM - for people who are specifically over the age of 62. If you are over the age of 62 and have a good level of equity built up in your property, but a are strapped for cash, this option may be perfect for you.

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Note: Not that we do not stress caution and due diligence all of the time but we feel it is most important to bring it up at this specific point. If you are 62 or over and have been able to build a good amount of equity in your home be very careful at this stage of your life with investments. Consult with your family, legal advisor and accountant as to your exact status at this point in your life. You need to be fully aware of the risks and need to avoid any threats of being foreclosed on.

How Does a Reverse Mortgage Work?

In the simplest of terms it is a borrow now, pay after, program. A RM allows for you to borrow against the equity you now have and still retain complete ownership and responsibility over your property.

The lender will pay you an agreed amount every month and there is no immediate repayment of the principal, interest or fees as long as you still reside at the property in question. Funds obtained from a RM can be used to pay among other things, expenses, taxes, renovation or on going maintenance; anything at all.

What Are You, the Borrower, Required to Do?

First you must be the owner of the property and the funds are being paid to you. You may accept payment in monthly installments, in one lump sum or as a line-of-credit, and any combination of the three options stated. What they will allow you to borrow will be based on your age, the equity you have in the property and the rate of interest being offered.

You will be responsible for all of the upkeep and taxes on the property and the insurance payments, too. You may then elect to have your RM come due with interest either when you permanently move, sell your home, die, or reach the end of the preselected loan term.

Further, the lender does not take title to your home when you die, but your heirs do become responsible for paying off the loan. A lot of the time the debt is repaid by using the proceeds from the sale of your home, if your heirs choose not to retain the property. If they choose to keep the property, they either pay up the mortgage in full or refinance it.

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