What is Reverse Mortgage and What are the Pros and Cons of Reverse Mortgage?
Most of the people want to know that what is Reverse Mortgage and how does it work. Now you can get your answers about the reverse mortgage pros and cons and other information here. What is Reverse Mortgage? The Reverse Mortgage is a kind of loan or mortgage where a homeowner can borrow the money from the lender against the value of his house. There will be no repayments of the principal or interest, is required until the mortgagor dies and sells the house. Learn More about Reverse Mortgage ( Free Ultimate Guide ) What is Reverse Mortgage Loan – Detail Overview A reverse mortgage is a type of loan for the senior’s citizen age 62 and above. Home Equity Conversion Mortgage (HECM) loans are protected by the Federal Housing Administration (FHA) and allow the home-owners to exchange their Home Equity into money and no monthly loan repayments are required. Read This Gide to Learn More About What is Reverse Mortgage Loan? Pros and Cons: For those who want to stay