What Is a Reverse Mortgage Loan? And What Are its Advantages and Dis-Advantages?
What is Reverse Mortgage? As the word ‘reverse’ shows it is totally reverse to the regular mortgage. Under Reverse mortgage loan , initially the borrower retains a high share in his property and receives a regular income. Over the time, when loan amount increases, owner’s share in the property decreases. To learn more about Reverse Mortgage, you have to look know some positive impacts and some negative impacts. Reverse Mortgage is not beneficial in some cases. Positive Impacts of Reverse Mortgage: Reverse mortgage loan as retirement tool: As many people said reverse mortgage has many disadvantages but I am not totally agreed with them. Everything is not for everyone. What I want to said is Benefits of reverse mortgage is varies from person to person, circumstances to circumstances. I recommend those retiree who are 62 or above with house owner to go with reverse mortgage, only if they don’t have any guardian who can support them financially. Because in t...