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Femikey

Tuesday, May 18, 2010

On Mortgage

More than a decade ago we decided to avail a mortgage housing loan after getting married. We enjoyed the style of payment since it's not that much. Most of our friends got the same privileges since we were working in a government and private sectors. So we were able to get many privileges during that time.

As far as mortgages is concerned, there is a so-called Information on reverse mortgage which is very unique and different from other type of mortgages. Let me tell you something about it. A reverse mortgage is a loan against the equity in your home. It is not the same with our housing loan mortgage. Not the same with a traditional mortgage or a home equity loan either, there are no income or credit requirements with a reverse mortgage. The greatest benefit to you is that you have no monthly payments or interest payments on the money you receive — as long as you continue to use your home as your primary residence. And who are qualified? Well, there are only three qualifications, the first one, the youngest borrower must be 62 years old or older. Wow, this sounds great, since most of the loan borrowers must be under 60 years old as what I've learned. The second is that, you must own your home, either you have set it up as a life estate or a trust, that would be accepted. And the third is that the home must be your primary residence, whether it's a single family home, a condo or a townhouse, a 1-4 unit owner-occupied dwelling, or a manufactured home. And how does a reverse mortgage work, it is a Senior Equity Financial, helping senior customers understand how reverse mortgages work which is one of their first priorities. They have found out that one of the best ways to do this is to compare reverse mortgages to a traditional or “forward mortgage.”

If you are a homeowner in or nearing retirement, and are looking for a way to access the equity you’ve built up in your home, Senior Equity Financial can help you understand the options and find the reverse mortgage that’s specifically tailored to your financial needs. You can try to check the reverse mortgage FAQS for more details or if you have questions to ask. They really could help you.

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