Massachusetts Discount Mortgage - Consumer Direct


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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.

This entry was posted on Thursday, August 21st, 2008 at 8:57 pm and is filed under Uncategorized. Responses are currently closed, but you can trackback from your own site.

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