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In the United States, a mortgage loan that is only available to senior citizens
starting at age 62 and over. This financial tool enables an individual to tap
into his/her home equity to obtain a lump sum of money, a steady monthly income,
or a line of credit for a lifetime.
Opposite to other mortgage loans, a mortgage loan reverse does not require
credit qualification and the homeowner retains full ownership of the real estate
subject to these types of mortgages.
In this case, there are no repayments, but the debt has to be pay off if the
home is sold, the debtor leaves, or repayment is deferred until the homeowner
dies and mortgage loan reverse is over.
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Online Mortgage Loan information