Simple Explanation Of Reverse Mortgage

A reverse mortgage is a loan available to homeowners, 62 years or older, that allows them to convert part of the equity in their homes into cash. The product was conceived as a means to help retirees with limited income use the accumulated wealth in their homes to cover basic monthly living expenses and pay for health care.

The reason is simple: The lender is considering. the more documentation and explanation hoops you will have to jump through. Denny has twenty years of front line boots on the ground mortgage.

"Following a few simple guidelines with a mortgage servicer can. If not, send a written inquiry asking for itemization and explanation. If you default on your mortgage, keep the lines of.

Can You Buy A House With A Reverse Mortgage HECM for Purchase mortgages are also available and can help you buy a new home. [Read: How to Find the Best reverse mortgage lender] proprietary reverse mortgages are similar to HECMs, but they do not.