Reverse Mortgages
In: Ask CU Man
27 Oct 2009What is one and how can you determine if it’s right for your elderly parents?
This post was submitted by Robin.
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1 Response to Reverse Mortgages
admin
November 5th, 2009 at 10:30 am
A Reverse Mortgage is a loan available to anyone who is 62 years of age or older, owns their own home and has equity in their home. The mortgage proceeds can be disbursed in a lump sum or in multiple disbursements (ex. borrower receives equal monthly disbursements for a period of months as selected by the borrower).
No repayment is required under a Reverse Mortgage as long as the borrower(s) live in the home as their principal residence. When the last surviving borrower dies, sells the home or permanently moves away, the full loan balance becomes due and payable.
Everyone’s situation is different. The best way to determine whether a Reverse Mortgage is right for your elderly parents is to speak directly with one of our Reverse Mortgage Specialists. If this is something that you are interested in, please email me at cuman@creditunioinman.com, to discuss your situation further.