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Questions & Answers
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Reversed Annuity Mortgages - Q & A
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Q:
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What is a reverse mortgage loan?
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A:
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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.
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Copyright 1999 Inman News Features
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Home Advice
Get the answers on home selling and buying.
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Calloway Real Estate
Phone
(609) 522-7777
Fax
(609) 522-3777
Toll Free
(800) 313-0001
E-Mail Us
7601 Pacific Ave
Wildwood Crest, NJ 08260
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