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A Reverse Mortgage Or A Conventional Mortgage For Senior Homeowners? That Is The Question.

April 2, 2014

Are you debating whether to do a conventional mortgage or a reverse mortgage? Read this article before making your final decision.

Beth's Reverse Mortgage Blog

Calling for MN Reverse Mortgage The call comes in:  “I took a loan out 3 years ago and now I want a reverse mortgage because I can’t make the payments.”  I respond, “Great, the reverse mortgage eliminates mortgage payments and allows borrowers to stay in their home.”   I define that a reverse mortgage is a mortgage like any other loan but with special terms for seniors 62 and older and borrowers still have the title and are responsible for property taxes and insurance, association dues (if applicable), maintaining the property and abiding by the terms of the loan.  Then I also review some other details of the reverse mortgage including that:
  • There are no income or credit score requirements to qualify for the interest rate.
  • No monthly mortgage payments required.
  • There is no limitation on how the funds can be used.
  • Funds can be received in monthly payments structured as needed, line of credit (with…

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