I saw a report this morning on Good Morning America on reverse mortgages. I've also seen a lot of ads for them lately as well. So I am posting a link to the GMA report.
http://abcnews.go.com/GMA/MellodyHobson/story?id=4097795&page=1
The report gives both the good and bad sides of this type of loan and is very informative.
A reverse mortgage is the opposite of what you think of when you think "mortgage." With this loan, the bank makes payments to you based on the equity in your home. You can pull out as little or as much as you want and it is not repayable until death so basically the borrower never has to worry about repayment. It gives you an opportunity to have extra monthly income to help with whatever you might need money for...travel, medical bills, daily living...
If this is something that sounds interesting...check out the GMA report - there is a text version as well as video clip. If you would like to know more about this produce...just let me know and I can point you in the right direction!
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