Home Equity Loan - With a Reverse Mortgage, Your Home Pays
The home equity loan has become quite popular in the last five
years, and Americans have tapped into the equity of their homes
in record numbers. The reasons vary, although home improvement
consolidation are the most common reasons for borrowing
against a home's equity.
In the last fifteen years or so, a new twist has arrived in the
home equity market -- the reverse mortgage. Like a traditional
home equity loan or line of credit, a reverse mortgage allows you
to borrow against the equity in your home. Unlike those other
options, you don't have to make payments in order to pay it back.
The repayment takes place when you die, when you move, or when
you sell your home. You must be at least 62 years of age to
qualify, but unlike other loans, you do not have to have any
appreciable income in order to get a reverse mortgage.
There are a number of advantages of a reverse mortgage over a
traditional home equity loan:
- Your options of receiving the money from the loan include a
monthly payout, although you may also elect to receive a lump
sum or a credit line. A monthly payout would effectively
provide you with a regular "income" during the remainder of
your time in your home.
- The loan isn't due until you move, sell the home, or die.
There is no repayment schedule, as with regular installment
loans. At the time of your death or when you sell the house,
the loan must be repaid with interest.
- The amount you have to repay cannot exceed the value of
your home. With this feature, you are protected should your
home decline in value. The lender cannot force you to pay more
than the value of the home.
Due to the age restrictions on reverse mortgages, they are not
for everyone. But if you qualify, it could provide an excellent
opportunity to have an income during your retirement
©Copyright 2005 by Retro Marketing. Charles Essmeier is
the owner of Retro Marketing, a firm devoted to informational
Websites, including http://www.End-Your-Debt.com/
MORE RESOURCES updated Tue. May / 30 / 2023
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