Added by Pat Williams on January 13, 2013
Reverse mortgage information site reverseloanadviser.com is pleased to announce the launch of its website.
“Reverse mortgage products are a great way for seniors aged 62 or over to access the equity in their home while maintaining complete control over their home. Funds from a reverse mortgage can be used any way you like and there aren’t any payments to make as long as you’re living in your home,” said a spokesperson.
A reverse mortgage is a way to release the equity in a home – the equity is the difference between a home’s market value and the balance of any liens on the property. When the only lien on the property is a mortgage, a home’s equity increases each time the borrower makes a payment and the complete equity is realized when the mortgage is paid off. A reverse mortgage is a loan in reverse based on the home’s equity. As a result, the homeowner does not have to make any payments and instead can receive payments instead.
A Reverse mortgage pays out in one of several ways including a lump sum payment, a monthly cash advance based on a fixed term, as a line of credit, or some combination of the previous three.
“There are a lot of benefits of a reverse mortgage including – it’s easy to qualify, there are no income or credit qualifications, no monthly payments, you can live in your home as long as you wish, the proceeds are tax free, does not affect social security or medicare, you can use the money as you like,” added the spokesperson.
According to US census statistics, the number of reverse mortgages almost doubled between 2006 and 2010 and, even with the economic downturn, reverse mortgages continue to be popular among seniors wishing to live in their homes.
Find out more about a reverse mortgage by visiting reverseloanadviser.com