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Reverse Home Mortgage A reverse home mortgage is specially designed to allow a homeowner convert part of their equity into cash. It is generally a federally insured private loan thus providing extra security to the borrower. The equity built up from years of mortgage repayments can be paid out in cash to the homeowner. To be eligible for a reverse home mortgage, the applicant must generally be a homeowner aged at least 62. They must either own their home or else have a small balance left on their mortgage that can be paid off with the proceeds from the reverse home. They are also required to live in the home which must be a single family home or a two to four unit property. The lender cannot take possession of the home if the borrower outlives the loan and the debt does not get passed on to the estate or any surviving heirs if the borrower passes away. The loan can be paid in a number of ways including tenure which pays equal monthly payments as long as the borrower lives and occupies the property. The loan can also be paid by term which means equal monthly payments for a fixed period of time. Other variations include line of credit, modified tenure and modified term. More terms explained |
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