GetSmart.com Advises Older Americans on Reverse Mortgages
Sometimes older homeowners are short on their retirement savings and need to find a new source of money. For those who are 62 years and older, a reverse mortgage might be a good way to find additional capital because a) it doesn't require selling their home and b) it doesn't require loan payments.
Charlotte, NC (PRWEB) February 22, 2007 -- Sometimes older homeowners are short on their retirement savings and need to find a new source of money. For those who are 62 years and older, a reverse mortgage might be a good way to find additional capital because a) it doesn't require selling their home and b) it doesn't require loan payments.
What is a reverse mortgage?
A reverse mortgage enables homeowners 62 years or older to convert part of the equity in their homes into income without having to sell the home, give up title, or take on a new monthly mortgage payment. This mortgage product is named appropriately as the homeowner has reversed the payment stream on their house.
While that may sound non-traditional - and even surprising to some - a reverse mortgage offers the opportunity for a homeowner to remain in their home. This product is appealing to some who have built quite a bit of wealth in their home and would like the equity to pay for a portion of their retirement.
How much money can I get?
The amount of cash you can receive from a reverse mortgage depends on your age, your home's value, interest rates and the reverse mortgage plan you choose. Contact a lender to find out the specifics about your home and what you may be eligible for.
Do you pay back a reverse mortgage?
A reverse mortgage must be repaid when you sell the home, permanently move out, or die. Otherwise, you're free to stay in your home as long as you wish. If you pass on, your heirs can pay the loan back, with interest, and keep your home. Alternatively, they can sell it to a third party and repay the lender out of the proceeds (any excess goes into your estate).
Who offers reverse mortgages?
Banks, mortgage companies, savings associations and state and local governments all offer reverse mortgages. The funds from private-sector loans can be used for any purpose. Government loan programs generally limit spending options to specific purposes, such as home repairs or property taxes.
How do I become eligible?
The only eligibility requirements are you must be at least 62 years of age and treat your home as a primary residence. There are no minimum income requirements.
About GetSmart®
GetSmart is a leading financial services marketplace that offers borrowers access to a range of home loan products from a network of more than 250 lenders. Consumers who visit the site at www.getsmart.com fill out a short and simple form to be matched with up to five lenders.
GetSmart is owned and operated by LendingTree, LLC, which is part of IAC Financial Services and Real Estate, an operating company of IAC (NASDAQ: IACI), which also owns or operates LendingTree Loans sm, LendingTree Settlement Services, LLC, RealEstate.comsm, Domania®, and iNest Realty, Inc.
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See the original story at: http://www.prweb.com/releases/2007/02/prweb506349.htm
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