Lorri Molnar, Realtor

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Reverse Mortgage Update

May 17, 2010 by Lorri Molnar

Recently, reverse mortgages have been in the news as the rules governing them have been changed. They are a financial device, a loan in fact, that allows homeowners who are 62 years old and older to convert their home equity into accessible funds in the form of incremental or lump-sum cash payments, or a line of credit. So rather than the homeowner paying a mortgage payment every month, the bank pays the homeowner. This reverse mortgage loan is due with interest when the homeowner and borrower dies, moves, sells or forfeits the home. Typically, the homeowner’s heirs sell the home, pay the balance, and keep the remainder.
To read this article, Click Here.

Filed Under: Real Estate for Seniors Tagged With: reverse mortgage

Contact Lorri

Keller Williams Capital Partners Realtor
100 E. Wilson Bridge Rd.,
Worthington, OH 43085
Call: 614.496.4012
Contact Lorri
Lorri Molnar realitor MSL
100 E Wilson Bridge Rd, Worthington, OH 43085
Tel: 614.496.4012

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