REVERSE MORTGAGES
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A reverse mortgage is still a loan with your house as the collateral, but it is entirely different from the kind of mortgage you got when you bought your first house.
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Reverse mortgages are gaining in popularity, but are not well understood. They are like conventional mortgages turned upside-down. This will help your understanding reverse mortgages.
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You don't need a minimum income to qualify for a reverse mortgage. You could have no income or even still owe money on a conventional mortgage.
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How much can you get? Think of the principal limit as a can of flour. All the flour you are ever going to get goes into that can at the loan closing. However, you will only get charged for what you take out of the can.
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While there are numerous advantages associated with reverse mortgages there are also disadvantages as well. Before you take out a reverse mortgage, be sure a reverse mortgage is right for you.
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