Quick Answers for Some Reverse Mortgage FAQ Not familiar with reverse mortgages? Join the club. Want some answers to reverse mortgage FAQ’s? Here they are.
A reverse mortgage is an option for senior homeowners to take out a loan against the value of their home which doesn’t have to be repaid until death or the homeowner moves out.
You have to be at least 62 years old to qualify for a reverse mortgage.
Unlike home equity loans, you don’t have to make any monthly loan payments with reverse mortgages, making them ideal for retirees living on a fixed income without the means to make periodic payments.
Interest rates are generally based upon the U.S. Treasury security rates, and are adjusted either monthly or annually depending upon the loan.
The final answer for a reverse mortgage FAQ: loan limits are set based upon age of the homeowner, appraised value of the home, and current interest rates.
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