A reverse mortgage is something only older adults have to deal with; it is where you can get a loan if you are a homeowner and are at least sixty two years or older and it helps to take some of the equity of the house and turn it into cash.
According to the average individual a reverse mortgage is a loan that you can borrow that goes against your house and you do not have to ever make a payment on that loan until you no longer live at that home. This loan is meant for people who are at least sixty two years old or older and originally it was meant to help those who were retired with their expenses of living daily as well as their costs for medical needs.
There are a lot of similarities as well as differences between what a reverse mortgage loan is and what a home equity loan or otherwise known as a home equity line of credit is. For the most part everything is simply explained and can be easily compared and contrasted but the main difference between the two is that one is where you pay the lender and the other is where the lender pays you.
In order to be eligible to apply for a reverse mortgage loan you need to be at least sixty two years of age or older. You also need to be a homeowner and you need to own your home outright or at least have a low balance on the mortgage.
A reverse mortgage calculator is a calculator that is able to figure out the amount a homeowner who is a senior can receive. This number is figured out based on a variety of different aspects which includes a lot of different questions.
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