Know the risks of Reverse Mortgages

Before taking out a reverse mortgage speak to a lawyer or family member and be sure you understand exactly what theyre offering you. A reverse mortgage is a type of home equity loan that allows older Americans to convert part of the built up equity in their home into cash loans without having to sell their home or take on an additional monthly bill. In a reverse mortgage you receive money from the lender and generally dont have to pay it back for as long as you live in your home. Instead the loan must be repaid when you die, sell your home, or no longer live there as your primary residence.

Channel: Education
Uploaded: November 30, 1999 at 12:00 am
Author: SCDCATV

Length: 02:16
Rating: N/A
Views: 1141

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