Overview
Reverse mortgages are intended to assist elderly homeowners who are "house-rich and cash-poor" to tap the equity in their homes without moving and selling. With a reverse mortgage, an elderly homeowner is able to receive payments from a Lender that do not have to be repaid until the homeowner chooses to move or dies. The lender is repaid from proceeds from the sale of the property, with any proceeds in excess of the amount needed to pay off the mortgage going to the borrower or the borrower's estate.
- | Author: U. S. Dept of Housing and Urban Developm
- | Publisher: Bibliogov
- | Publication Date: Mar 14, 2013
- | Number of Pages: 216 pages
- | Binding: Paperback or Softback
- | ISBN-10: 1288926510
- | ISBN-13: 9781288926510
