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04-09-2008, 10:38 PM
| | Junior Member | | Join Date: Apr 2008
Posts: 3
| |  reverse mortgage
What is a Reverse Mortgage and how can I get out of one?What is the name of your state? TXWhat is the name of your state? Texas |
04-10-2008, 08:30 AM
| | Senior Member | | Join Date: Jan 2003
Posts: 17,305
| | | You can get out of any mortgage by either refinancing and paying off the lender, or selling and paying off the lender. Or using cash from other investments to pay off the lender.
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04-10-2008, 09:42 AM
| | Senior Member | | Join Date: Feb 2007
Posts: 4,978
| | | A reverse mortgage is a special mortgage available to seniors (the owners must be all over
62). The bank loans either a lump sump or periodic payments that get added to the principal of the mortgage. No payments are due until the mortgager moves out of the house (or dies).
At that point typically the house is sold and the lender gets the proceeds (and anything left goes to the mortgager (or estate)). |
04-10-2008, 09:43 AM
| | Senior Member | | Join Date: Feb 2007
Posts: 4,978
| | | Perhaps the most unbiased description of Reverse Mortgages is available at the AARP (aarp.org) site. | |
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