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 »

Top Q&A For: What is a reverse mortgage loan for homeowners

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.

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 »

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 »

What is an Item comment policy requested by mortgage company My mortgage company is requesting an updated policy but I live in a condo with a homeowners assoc.?

There are two kinds of insurance in a condominium community: a master policy that covers all the real estate assets owned in common, and an HO-6 policy that an individual owner carries to insure th... Read More »