Monday, October 20, 2008

Reverse Mortgage

Reverse mortgages a specifically dedicated loan, designed for homeowners 62 and over. This program allows qualified individual to borrow money from yourself that has accumulated in the equity in your home. Considering that you are lending yourself money, there is no monthly payment required on your loan. One of the reverse mortgage benefits is that it allows seniors the opportunity to put their homes value to work on their behalf. Rather than making a monthly house payment, a reverse mortgage pays you instead. Even better is that a reverse mortgage is a loan that is borrowed from yourself. You do not have to pay yourself back until you pass away or move from the home. Reversing your mortgage has many benefits, giving you the opportunity to live your life the way you want. Credit score is not a factor in qualification for a reverse mortgage loan. However, a pending bankruptcy, may affect the approval process. Additionally, mobile homes will not qualify for a reverse mortgage. The money you receive from the reverse mortgage banks become a tax free income you may choose to receive for the rest of your life.

For more reverse mortgage information visit My Reverse Mortgage Pro website. They offer a free national property valuation tool for qualified home owners.

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