Reverse Mortgage

Abstract:
In this paper we will discuss reverse mortgage. We will define reverse mortgage and provide details regarding the benefits and the eligibility requirements of reverse mortgages. Reverse mortgage is a type of loan that enables eligible homeowners easily obtain a tax-free cash flow.
Millions of people, especially senior citizens, are applying for reverse mortgages to secure their post-retirement lives. Because the government sponsors and insures this loan program no payments are required during the loan’s tenure, as long as the borrower lives in the home. Reverse mortgages allow borrowers to access the money they spent building up their home equity.

There are three types of Reverse Mortgage: Federally Insured Mortgage, Uninsured Mortgage, and Lender Insured Mortgage. Different kinds of reverse mortgage products are available on the market, such as the Mae Home Keeper mortgages, home equity conversion mortgages, and cash accounts. The loan is classified according to the type of the residential property.

Eligibility:
1.The candidate must be a senior citizen, normally above 60 years of age.
2.The home, where the applicant is currently living, should be a “single family residence.”
3.The candidate should reside in his home for the entire period of the loan.

Benefits:
1. Borrowers can enjoy ownership of their residence throughout their lives.
2. Candidates do not need to repay the loan as long as they are living in their home.
3. No credit history is required for this loan.

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Last Updated on : 24th August 2013