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What is a reverse mortgage
loan?
ANSWER: A reverse
mortgage is a special type of loan available only to
older homeowners with full or nearly full equity in
their homes. Such owners can borrow against the equity
they have built up over the years, but no repayment is
necessary until the borrower sells the property or moves
elsewhere. If the borrower dies before the property is
sold, the estate repays the loan (plus any interest that
has accrued.
These loans have become increasingly popular. If you
believe you qualify for such a loan, be sure to have the
document reviewed by an attorney or financial advisor.
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