First you need to understand how a reverse mortgage works. A reverse mortgage is an arrangement in which a lender actually pays the borrower a monthly payment which increases the mortgage balance instead of the borrower making monthly payments to bring the balance down. Backwards right? Well at least the name "reverse mortgage" is accurate. A reverse mortgage is a relatively new concept and is aimed towards retirees or people on fixed incomes who have equity in their home and need a steady or controlled cash flow. There are a few different options or scenarios on how the reverse mortgage is eventually paid off or forgiven. You will need to speak with a lender to see what is available.
In today's article written by Anne Tergesen of the Wall Street Journal, she writes about Reverse mortgages being the latest twist in mortgage fraud. It is an excellent and well written article. Please click on this link to read
Be sure to share with anyone you know who may be looking to do this type of mortage. The more knowledge they have and questions they ask their lender the better. Also we can refer you to lenders that can do reverse mortgages too. As always... If you want to sell your house or are looking for a house in Gilbert, Phoenix, Laveen, Surprise or another city or town in Maricopa or Pinal counties, contact Marie Zubkoff at 480.233.7051 or Andrew Walsh 602.527.2639 with US Preferred Realty.Visit us at http://YourGilbertHome.com Thank you!
