Content Overview 
- Summary
- What Is A Reverse Mortgage?
- What Steps Should I Take Before Obtaining A Reverse Mortgage?
- What Is Necessary To Qualify For A Reverse Mortgage?
- How Much Money Can I Get From A Reverse Mortgage?
- How Can I Receive The Loan Proceeds?
- Fixed Rate Reverse Mortgage versus An Adjustable-rate Reverse Mortgage
- How Do I Pay Back A Reverse Mortgage?
- What Obligations Does A Borrower Have While A Reverse Mortgage Is Outstanding?
- What Are Some Of The Pitfalls To Watch Out For When Considering A Reverse Mortgage?
- How Much Does A Reverse Mortgage Cost?
- What Is The Tax Situation With Respect To A Reverse Mortgage?
- What Effect Would A Reverse Mortgage Have On My Benefits?
- Counseling Session And Other Consumer Protections
- Using A Reverse Mortgage To Purchase A Home
- How Do I Locate A Source For A Reverse Mortgage?
- How Do I Obtain More Information About Reverse Mortgages?
Reverse Mortgages 101
Fixed Rate Reverse Mortgage versus An Adjustable-rate Reverse Mortgage
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With a fixed rate reverse mortgage:
- You must take all the money when you take out the loan.
- Interest charges on the whole amount start immediately.
- The interest charges are set for the life of the loan.
With an adjustable rate reverse mortgage:
- You can also take all the money when you take out the loan. However, you are not obligated to. You can also take the money in montlhy payments, or through a line of credit that permits you to take money as necessary.
- Interest only starts when you take money.
- Interest rates can fluctuate - perhaps greatly depending on the terms of the loan. Rates have been known to rise by as much as 10 percentage points over the life of a loan.
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