Reverse Mortgage is a mortgage in which a homeowner can borrow money against the value of his or her home. No repayment of the mortgage (principal or interest) is required until the borrower dies or the home is sold. After accounting for the initial mortgage amount, the rate at which interest accrues, the length of the loan and rate of home price appreciation, the transaction is structured so that the loan amount will not exceed the value of the home over the life of the loan.
Reverse Mortgage can help to empower and enrich Seniors and have grown in popularity over the years. It has several advantages including:
- 1.help homeowners to tap into the equity that they have accumulated in their home
- 2.you can access that money – tax-free!
- 3.Reverse mortgages do not require a monthly payment to be made from the borrower to the lender,
- 4.provide the homeowner with needed cash to do with as they see fit.
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