Question

 What is a reverse mortgage loan for homeowners?

Answer A reverse mortgage is a loan allowing homeowners over age 62 to use built-up equity in their homes for income or investment purposes.FunctionA reverse mortgage works in the opposite manner of a tra... Read More »
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Top Q&A For: What is a reverse mortgage loan for homeowners

Can you get a reverse mortgage if you still owe on a loan?

When a borrower purchases a reverse mortgage, all outstanding debts are paid first with the proceeds of the loan. If the reverse mortgage cannot cover all outstanding debts, the remaining debts wil... Read More »
http://www.answerbag.com/q_view/2209242

What Is a Reverse Mortgage Line of Credit Interest-Only Loan?

Reverse, line-of-credit and interest-only mortgages are three separate kinds of mortgages. However, they are not mutually exclusive--a mortgage can very well be all three at once.
http://www.ehow.com/facts_6850787_reverse-line-credit-interest_only-loan_.html

Is it better to get a shorter loan mortgage term or prepay on a longer loan?

On One Hand: Short Tem Mortgages Tie Your Hands.A short term mortgage forces you to spend more money on your house payment than you would under a longer term loan. This means that there is less mon... Read More »
http://www.answerbag.com/q_view/1921174

Can you have a second mortgage included with a reverse mortgage?

A borrower who is 62 or older can purchase a reverse mortgage to pay off any and all debt on their primary residence, including a first and second mortgage debt.SignificanceA reverse mortgage pays ... Read More »
http://www.answerbag.com/q_view/1870628


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