Would Like To Hear From Anyone That Has Used Reverse Mortgage?
Well I have never used a reverse mortgage because I am only 26. Normally reverse mortgages can only be used by older people (62 and up often). Basically when someone has a reverse mortgage they do not have to make any payments on the property for as long as they live there. Instead, payments are made to them using up the houses equity. The money is given to them in monthly payments or lump sums. In order to do this you have to own your own home. You never had to pay back this money unless you decide to move or sell the home. Otherwise, when you die whomever is giving you the reverse mortgage will take possesion of the home and sell it to get the money paid to you back. For more info, check out the aarp’s website. http://www.aarp.org/money/revmort/
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