A Reverse Mortgage in The Villages, Florida Can be Beneficial, If You Know How to Use It
By Harvey S. Jacobs, http://www.washingtonpost.com
As the country’s home-owning population ages and baby boomers hit their mid 60s, it is time to take another look at the once-popular mortgage product known as the reverse mortgage.
In a reverse mortgage, the bank loans you cash in a lump sum, in monthly installments, a line of credit or some combination of all three. Unlike a typical mortgage, the bank pays you and so long as you are alive and continue to live in your home, you do not have to repay the bank. The bank gets repaid solely from the sale or refinancing of your home when you sell your home, move out or die.
In years past, reverse mortgages got a bad reputation, primarily for their relatively high upfront fees, the negative amortization and the many misconceptions about how they work. Nearly all reverse mortgages these days are insured by the Department of Housing and Urban Development’s Federal Housing Administration — meaning that if the reverse lender does not get repaid in full, FHA insurance will cover their losses.
To learn more about getting a reverse mortgage in The Villages, Florida, contact Bob at iReverse Home Loans. Call 800-486-8786 ext 813 today!