Reverse Mortgage

Dated: 07/16/2014

Views: 759

A reverse mortgage allows people 62 or older to borrow money against the equity they have built in their home.  reverse mortgage are the opposite of conventional mortgages in that the homeowner's equity diminishes as the loan amount increases.  the money may be used for any purpose and the borrowers decide if they want to receive the money in a lump sum, fixed monthly payments, an open line of credit, or other options.  the borrower is charged a fixed rate of interest and no payments are due until the property is sold or the borrower defaults, moves or dies.  thought reverse mortgagers have been available for almost 30 years, they have become more widespread as people live longer and need more money. 
It's a product that allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills.
In  a regular mortgage, you make monthly payments to the lender.  In a reverse mortgage, you receive money from the lender, and generally don't have to pay it back as long as you live in your home.

Feryal Ozdemir Denver, Colorado Realtor-
Feryal specializes in helping buyers and sellers buy, sell, and invest in real estate, whether buying as a first time homeowner or buying a property as an investment in the Denver Metro Area.
Feryal Ozdemir markets in residential sales include First-time Homebuyers, Short Sales/Foreclosures, and Investments. 
Call Feryal Ozdemir @ 303.332.5551

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Sheryll White

As a Full Time real estate agent for the past 23 years, Sheryll has helped hundreds of home owners in Colorado buy and sell their homes. Sheryll's easy going, no pressure style and her in depth knowl....

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