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Reverse Mortgage - Be Sure You Need It Before Applying For OneReverse mortgages used to be considered the last resort of
desperate retirees who needed to borrow against their home equity
in order to pay for medical expenses. With home prices across the
country rising at astonishing rates, more and more retirees, aged
62 and over, are taking out reverse mortgages to fund better
retirement living. A reverse mortgage works more or less the
opposite way from a conventional mortgage; the borrower receives
payments from the lender in the form of a lump sum, a line of
credit, or monthly payments. The amount borrowed constitutes a
lien against the home must be repaid upon the death of the
borrower, or when the home is resold. There are costs associated
with a reverse mortgage, however, and potential borrowers should
be aware of these when considering taking out such a loan,
particularly if the borrower takes out a line of credit. ©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a Website devoted to debt consolidation information and HomeEquityHelp.net, a site devoted to information on home equity loans.
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