Tuesday, July 7, 2009

Seniors look to reverse mortgage in times of recession

Time is bad and unpredictable at the moment and one of the biggest losers are the senior citizens who are facing trouble in taking care of themselves. Reverse mortgage is one such area towards which seniors are turning to and it has enabled retirees to take equity from their houses in a tax free manner. There is no need to pay back the loan or interest until the property is sold or the owner dies.

To be eligible for reverse mortgage you need to be at least above the age of sixty one and the older you are the higher amount of cash is available. In case the owner of the house dies the heirs have the option to either sell or refinance the mortgage. It is a complex mortgage and with lot of scam artists around you need to be careful enough before opting for it.

No comments:

Post a Comment