Reverse Mortgage Offers Fresh Approach To Income From Real
If you owe 40 percent or less of your original mortgage, there
is a great program that is available to you that will generate
extra monthly income. It's called a reverse mortgage. The reverse
mortgage is similar to a home equity loan, only in the fact that
it pays you the equity you have in your house. The differences,
though, are many. If you have a large amount of equity in your
home, you'll want to consider a reverse mortgage.
The reverse mortgage does exactly what the phrase says.
Instead of the homeowner making monthly mortgage payments, the
bank literally reverses the action and pays the homeowner. Sound
too good to be true? It's not, and it's a completely legitimate
program. Banks like it, because at the end of the term of the
loan (usually when the homeowner dies), the bank acquires the
house and may resell it.
Here's how it works. Let's say you own a home with a mortgage
balance of $30,000 and it's worth $100,000. The bank will put a
loan on some or all of the remaining balance, amortize it over 30
years and send you a check for this amount monthly. Sometimes,
they'll use enough of the remaining equity to pay off your
balance, so you owe nothing. Then, you get payments each month,
and when you die, the house belongs to the bank.
This program is great for elderly people, who need to
supplement their incomes. Check out seniorjobbank.org, as well as
the wealth-building system, Winning the Mortgage Game to learn
more about this interesting mortgage program.
Mark Barnes is an investment real estate and real estate
finance expert. Get his free mortgage finance course at
and learn more about his wealth-building system. Mark is also the
author of the new novel, The League, a shocking, sports-related
conspiracy. Learn more about his suspense thriller at http://www.sportsnovels.com
MORE RESOURCES updated Mon. April / 12 / 2021
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