Reverse Mortgage - Purchase Another Home (Part 4) Senior citizens who have pondered the possibility of a reverse mortgage now have a new benefit to consider; the purchase of a second home. The Federal Housing Administration (FHA) learned of statistics that showed the number of senior aged homeowners selling their large home and taking the proceeds to purchase a smaller home. Some of these individuals were able to make enough profit from the sale of their first home to put some money in savings while still being able to purchase the smaller home. But this created a problem in the (1 comments)
Reverse Mortgage - Is It The Same as a Home Equity Loan? (Part 3) Many senior citizens are wavering back and forth between home equity loans and reverse mortgages. Each loan has merit and should be considered according to each person's needs and goals. This article will explain some of the main differences between the two loans. A home equity loan works very similar to a credit card. Based on the value of the home, the credit limit is set at a certain dollar amount. Homeowners can borrow amounts up to that limit and use the money to their heart's (0 comments)
Reverse Mortgage - The Payments (Part 2) In the previous installment we explained some of the basic information concerning reverse mortgages (Reverse Mortgage - The Essential Information (Part 1)). This article will present information on the payments for these types of mortgages and how it can be a real benefit to senior aged homeowners. With a normal mortgage, payments are made each month that are made up of interest and principal. Usually, each month, the amount of money going towards the interest will decrease slightly and the amount of money going towards the principal will increase slightly. As the loan (0 comments)
Reverse Mortgage - The Essential Information (Part 1) In the troubled times currently facing the American economy, many people are looking for ways to cut expenses and increase their income. One method being used by senior citizens is the reverse mortgage. This unique type of home loan allows people to use one of their biggest assets to create a stream of income. The reverse mortgage works just like it sounds. Instead of the home owner making a monthly payment to the bank, the bank makes a payment to the home owner. The amount of the payments is based on the (2 comments)
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