Wednesday, October 27, 2004

Reverse Mortgages – Refinancing Out of a Current or Impending Foreclosure

In order to make ends meet, many senior homeowners have borrowed money from their homes in the form of a mortgage or home equity line of credit, and now find themselves’ unable to make the mandatory monthly repayments. These borrowers have two choices – sell their home or refinance with a reverse mortgage. A reverse mortgage requires no income, asset or credit qualification, and does not change the title to the property. The reverse mortgage will repay the borrower’s current outstanding loan balance (up to certain loan limits), thereby ending any further monthly mortgage repayment bills. The borrowers may also have additional reverse mortgage funds available to them, helping them to continue to stay in their home for as long as they wish. When the property is finally sold (at the borrower’s discretion) the balance of the reverse mortgage loan is repaid, with the remaining equity belonging to the borrowers or their heirs.

1 Comments:

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