Reverse mortgages hold promise for seniors
For seniors who own their homes and need a cash infusion a reverse mortgage is one option to consider.
Reverse mortgages are loans that provide a way of turning home equity into cash without having to sell the home or make monthly payments.
Instead, the borrower receives monthly payments from the lender. He can also take payment as a lump sum or a line of credit or a combination of all three.
As the borrower takes payment, the debt against his home rises. But he doesn’t have to pay back the loan as long as he lives in the home, and that could be until he dies.
Post from: Reverse Mortgage Loan Blog
