Massachusetts Discount Mortgage - Consumer Direct

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Archive for August, 2008

What Happens After My Mortgage Runs Out?

When your mortgage runs out your house is not taken away from you, nor is the loan due. You do not need to repay the loan as long as you or one of the borrowers continues to live in the house and keeps the taxes and insurance current. You can never owe more than your home’s value once the mortage is done.  For more on monetary stipulations for reverse mortgages the best place to look for information is right on the internet.

Just What is A Reverse Mortgage?

A reverse mortgage is a loan that enables homeowners age 62 and over to tap the equity in their home without having to make a mortgage payments, move, or sell the home. It truly is a “mortgage in reverse”.  A reverse mortgage is a special type of home loan that lets a homeowner convert a portion of the equity in his or her home into cash. The equity built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until you no longer use the home as their principal residence. HUD’s reverse mortgage provides these benefits, and it is federally-insured as well.   Searching for reverse home mortgages can be difficult, but they are out there and are great ways to gain some extra income.

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