What is the definition of a reverse mortgage?

Answer A traditional mortgage is one in which a bank or other lender purchases your home on your behalf and you pay them back over a period of time. As you pay back the loan, you increase the home equity ... Read More »

Top Q&A For: What is the definition of a reverse mortgage

Definition of New York Reverse Mortgage Inspections?

In New York, elderly citizens sometimes take out reverse mortgages to supplement their retirement income. These individuals, in seeking to take out a reverse mortgage, must sometimes submit to a ho... 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 reverse mortgage?

A reverse mortgage is a type of mortgage that allows home owners age 62 and older to use the built-up equity in their home to pay off their current mortgage debt or create additional needed income ... Read More »

What is a reverse mortgage and how do I get one?

For many people, the retirement years present a financial challenge. If you are a senior and own your own home, you may be able to use the equity of your home as a source of needed cash by getting ... Read More »