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The reverse home mortgage is a home equity loan available to seniors as a means of obtaining income from their homes. In positive situations, it can be a way for an older person to stay in his or her home despite a loss of income caused by retirement. It can even be used to invest in the home, create a profit, pay off additional rental property mortgages and establish financial security. However, bad choices (including using bad lenders and accepting bad terms) can make the reverse mortgage a negative situation instead of a positive one. (more…)

credit: Leonid Mamchenkov

The reverse mortgage is a home equity loan available to senior citizens. It essentially takes the home equity that the individual has already invested in his or her real estate and gives it back to the home owner. It is primarily used by seniors who are at risk of losing their homes as a result of the high cost of living that they experience after retirement.

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credit: EverySpoon

There is a new loan option available to people which is being advertised as an alternative to the reverse mortgage loan. It is called the REX loan. The main difference between the two loans is in the ownership of the home. With the reverse mortgage, you remain the owner of your home but you use home equity to receive income payments. With REX, you essentially enter into a partnership that says you will split the proceeds of any future home sale with the company that has partnered with you.

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credit: FoxgirlThe reverse mortgage loan is one of very few mortgages in the country that is actually on the rise. That’s because this loan is entirely different from the standard mortgage and serves a need in the community that exists today. Rather than being a loan that you take out and have to pay back each month, this is a loan that is paid out to you from the lender. The reason that the bank does this is because you are accessing the money through your home equity.

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