Reverse Mortgages - reverse your monthly payments.
One of the most frequent questions that we receive when assisting with
Reverse Mortgages is, "If I already have a mortgage, can I still do a
Reverse Mortgage?" The consensus seems to be that most people believe
the answer to this questions is no. In reality, however, the Reverse Mortgage
is a system that allows the borrower to reverse their mortgage payment.
Instead of paying from out of their pockets every month, the borrower
uses a Reverse Mortgage to end their mortgage payments forever.
Next, the money that you will receive from a Reverse Mortgage MUST go towards paying off your mortgage. Any money that is left over will be available to you with no restrictions, but only after your current mortgage is paid off in full. This should be a goal for Reverse Mortgage applicants who have a large first mortgage or home-equity loan. An obvious benefit of using the Reverse Mortgage to remove the current mortgage is the added income you will receive from removing your monthly mortgage payments. Reverse Mortgages never require you to make a monthly payment for the rest of your life, while you are a resident of the home. Benefits of the reverse mortgage loan.The Reverse Mortgage is a product that is useful to remove monthly payments on credit card debts, medicine, and medical bills. The idea behind the Reverse Mortgage originated in Europe, and has been the most popular senior financial vehicle in England, Germany, France, and the Scandinavian nations for the last 35 years. Although the United States has only perfected the safety and administration of the Reverse Mortgage in the last 15 years, its popularity has exploded in the last decade. It is at a point now that we are experiencing a 200% growth from each year to the next in the number of seniors around the country joining the Reverse Mortgage program.
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