Reverse Mortgage
The Complete Guide to Reverse Mortgages: Turn Your Home Equity into Instant Income!
by Tyler Kraemer

This book was so helpful in informing myself and my parents as to the options available for them. It was easy to read and easy to understand. It gave many helpful hints and helped us figure out if a reverse mortgage was approriate for them.

It is essential if you or someone in your family is considering, or wants to learn more about, a reverse mortgage loan. It walks you through the process from borrowing to repayment in a conversational, easy-to-read format. You can read about real life situations that are very helpful for you to see how a reverse mortgage can work for you.

The book provides precise information on each of the types of reverse mortgages that are available. You will find information about the ways in which you can receive your payments, and all of the incumbent fees and costs that may come with this kind of loan are revealed. It outlines how to protect yourself and how you are already protected. Checklists are provided covering all the points to consider before making each decision, such as how to choose a lender.


Reverse Mortgage - Choose The Right Type Of Mortgage

Reverse Mortgage * Choose The Right Type Of Mortgage

How To Choose The Right Type Of Mortgage   
Bob Backstrom

A house is an important investment in your lifetime. Besides meeting your basic need of providing shelter, it can also provide you a source of cash if you have no other source of income.

A loan taken to purchase a house is called a mortgage. The most common types of mortgages are capital repayment mortgages, endowment mortgages, pension linked mortgages and interest-only mortgages. But the mortgage bucking the normal trend is called a reverse mortgage. You get the mortgage from the financial institution for giving up certain part equity in your home. Given below are some points about various mortgages.

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Desperate Condo, Homeowner Groups Given New Way To Grab Overdue Fees (Miami Herald)
Revenue-starved condominium and homeowners associations struggling to keep the taps running and the lawns mowed have found a novel way to squeeze money from units that don't pay what they owe.


What is a reverse mortgage?
A reverse mortgage, or an equity mortgage, is a loan given to seniors to allow them to convert the equity of their home into cash. The best part is that you own the house even while converting the house into cash. To apply for reverse mortgage, you should be older than 62 years old.

Should I go for capital repayment mortgage or low-cost endowment mortgage?
A capital repayment mortgage is the better option than low-cost endowment mortgage. Though the monthly outgoings for both the types are more or less the same, capital repayment mortgages offer better flexibility if you have any financial problems and want to restructure your finances. Besides, inflation will erode the value of profits derived from an endowment policy.

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Social Security To Start Cashing Uncle Sam's IOUs (San Diego 6)
For the first time since the 1980s, when Congress last overhauled Social Security, the retirement program is projected to pay out more in benefits than it collects in taxes.


How does a pension linked mortgage work?
A pension linked mortgage works in the same way as an endowment mortgage and reverse mortgage. You have to make two payments each month. One payment pays off the interest on your loan. The other payment is meant for your monthly insurance premium that pays off your loan when the term expires. The remaining amount pays your pension when you retire. When you retire, you can convert some portion of the pension into a lump sum that can be used to pay off the mortgage. While opting for this type of mortgage, you should remember that it is more expensive than the endowment mortgage. Also, since you are using the part of pension to pay off the mortgage, you will be left with a small amount as your pension.
What is an interest-only mortgage?
In an interest-only mortgage, you pay only the interest on the loan and are appropriate for people who are nearing or have entered retirement age, as it is difficult for them to opt for a mortgage of longer duration.

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Index of Articles about Reverse Mortgage

What Other Authors say about Reverse Mortgage

Reverse Mortgage Requirements by Don Seibert

Since the Reverse Mortgage for Seniors program is all the rage these days, let's take a look at what is required to qualify for and to obtain a reverse mortgage. In the United States, a person must be...

Creating Consider with Reverse Mortgages- A history lesson and paradigm shift by Angella Conrard

Who ever thought that it would make sense to get a mortgage that would decrease your home equity? Well in certain instances it does. Lending philosophies have changed over history and they will continue...

Realize the power of equity with reverse mortgage loan by Antonio Redford

For decades mortgage loan was in practice. People used to take loan against their equity on their fixed assets but it was never considered as a good way to get money as chances of loosing asset were high....

What is a Reverse Mortgage? by barry mcdonald

A Reverse Mortgage is a popular but complex home loan just for senior homeowners. If you qualify for a Reverse Mortgage, you will not have to make monthly payments on the loan. Instead, the lender pays...

What is a Reverse Mortgage Loan? by Brian Ankner

Reverse mortgages have increased in popularity in the past few years. Economist report that due to the increase in housing cost, the amount of money people are saving in their 401(k) and savings accounts...