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 »

How do i add a second name to a reverse mortgage?

EligibilityDetermine the second person's eligibility before starting the process to add him to the reverse mortgage. A reverse mortgage is a federal program, and like all federal programs there are... Read More »

How much can one get on a reverse mortgage?

The amount of the reverse mortgage is based upon the borrower's age and the equity in the home. A 75-year-old homeowner might receive up to 65 percent of their equity in a reverse mortgage, while a... Read More »