Reverse Mortgage Advantages If you're considering a reverse mortgage it's important to do some research prior to making a decision. You not only need to understand the basic principles of this kind of mortgage but you also need to look at all the advantages and disadvantages of a reverse mortgage. A reverse mortgage loan is tax-free and needs only to be repaid when the borrower dies or sells the home. At which time, the reverse mortgage loan must be repaid in full, including all interest and other charges. When examining the advantages and disadvantages of a reverse mortgage it's also important to consider both the process and the related costs of obtaining a reverse mortgage. Unlike a conventional mortgage, with a reverse mortgage, the homeowner (the potential borrower) must meet with a reverse mortgage counselor. References for counselors can be obtained from banks offering reverse mortgages or the U.S. Department of Housing and Urban Development (HUD). The total amount a homeowner can borrow all depends on the kind of reverse mortgage selected, how much equity is in the home, the loan's interest rate and most importantly, the age of the borrower. Typically the older a person is, the more they can expect to receive. Visit http://reversemortgageguides.info – The complete professional guide that helps you get the best out of reverse mortgage process and lets you find the lowest reverse mortgage rates!
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