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What is a senior Reverse Mortgage? Reverse Mortgage is a type of financial agreement which provides a home-loan available to home owning elderly individuals, generally aiding their retirement income by lending money against the value of his/her home. The borrower accepts funds as fixed monthly payment or a line of credit. This type of mortgages grants elders for accessing the home equity they already have established in their homes at present, […]

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Interest rates for senior reverse mortgages are in an entirely different field than the reverse mortgages fees. The first ones are a tab more complicated to understand. Reverse mortgage Interest rates are important because these define how much you are going to get and will give an insight of how much you will have to repay. You need to do a lot of research before going with senior reverse mortgages […]

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A Reverse Mortgage helps people over 62 years of age to receive monetary benefits by mortgaging their home equity. With Reverse Mortgage, seniors can use the proceeds in various ways such as buying another house, starting a new business, getting a vacation, pay for medical expenses, improve lifestyle or increase financial strength. One the Reverse Mortgage has been finalized, the only thing left is to decide how to receive the […]

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Owning a car as a senior is a very big milestone in making the old age life better. The most experienced and careful people on the roads are the retirees, and this has earned them a good reputation among insurers because of their lower accident rates and high safety. However, many seniors have low income from their pension plans and superannuation. This makes them find it hard purchasing insurance covers […]

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With a senior reverse mortgage, there are two types of a loan. There is a fixed reverse mortgage interest rate, and an adjustable rate reverse mortgage loans. To choose the best option for you between the two types is not very straightforward. There are reasons one might take an adjustable rate reverse mortgage that makes a lot of sense. Fixed interest rate reverse mortgages are excellent since they give you […]

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A senior reverse mortgage loan is complex and has a number of requirements. Before applying or when applying for a reverse mortgage, one needs to seek some clarifications. This article states and explains some of the most important questions regarding a reverse mortgage. The explanations provide answers to questions that potential borrowers may have regarding the people they are working with, the time it takes to benefit from the proceeds […]

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Any two or more parties entering an agreement must have terms of the contract. This is to protect the interests of each who took part in the agreement. Just like any other contract, senior reverse mortgage contracts also have terms. The general terms are as illustrated. 1. The Borrower’s Right to Repay After acquiring a reverse mortgage, the borrower has the right to decide to repay the loan in full […]

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Many things are said about a senior reverse mortgage that scares seniors from getting one. It is essential for everyone to get the facts right to gauge if reverse mortgage fits their situation. This way many people will get to benefit from a senior reverse mortgage. With that said the following are ten reasons that you shouldn’t be afraid of a reverse mortgage. 1.The title of your property stays in […]

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Reverse mortgages, also known as Home Equity Conversion Mortgages (HECM) are available to homeowners of a least 62 years old. It allows homeowners to access their home’s equity while still living in there. This means that you can borrow money against the equity of your home which should not be repaid unless you are moving out, selling the home or after your death. Payment is received as a lump sum, […]

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There are a lot of types of mortgages out there, and one of them that is most appreciated by old individuals are senior reverse mortgages. As the name implies, this works the other way around. Most mortgages work by giving you the payment, but for a senior reverse mortgage, you get paid. For every loan, there are interest rates included. Before applying for a loan, you have to understand how it […]

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