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©
2002 Ruth E. Campbell. |
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Frequently Asked Questions Owning
Your Home - Q & A Q: What is a reverse mortgage loan?
A: A reverse mortgage is a special type of loan available
only to equity-rich, older homeowners. 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 another expert. |