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March 17, 2006
Reverse
In a "regular" mortgage, you make monthly payments to the lender. However, with a "reverse" mortgage, the homeowner receives money FROM the lender and, generally, doesn't have to pay it back for as long as they live in their home. Instead, the loan will be repaid when they die, they sell their home, or they no longer live there as their principal residence. Reverse mortgages are ideal for homeowners who have a lot of home equity but little cash, or less income than they need! It allows them to stay in their homes and still meet their financial
From Reverse
Posted by Joe at March 17, 2006 08:55 AM
