Mortgage Site

Getting into older age is very difficult particularly when you don’t have any financial support. For such persons reverse mortgage is a fruitful one. A reverse mortgage is a loan provided senior citizens of over 62 years of age to release his home equity from the lenders. You may avail the loan in a lump some amount or in multiple payments. Reverse mortgage helps the borrowers in his final stage of life. A person is eligible for reverse mortgage if he owns a house and his age should be 62 or more than that. For reverse mortgage bank will pay you money in lump some or monthly whatever you wish for your property. And the good think is the borrower can stay in same home for which he reverse mortgage in bank. This means bank pay you rent for your own house while you stay in that house itself. The lender will recover the loan by selling the house after the death of the borrower along with accumulated interest. If the borrower decides to leave the mortgage property the borrower will sell the house and will recover its loan amount. Any extra amount obtained by selling the property will be paid to the borrower or his legal heirs. For more reverse mortgage information you can contact bank officials or you can refer information online.