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If you at least 62 years old you can considering a reserve mortgage. reserve mortgage turn your home equity into a steady stream of cash. it can be extreme helpful for certain kinds of borrowers, but they are not be a good choice for everyone. Before you consider a reverse mortgage, you must gather as much information as you can beforehand. Prepare questions for reserve mortgage information , prior to meeting with your HUD counselor, get multiple quotes, ask a lot of questions and evaluate the pros and cons carefully before you proceed. In a reverse mortgage the homeowner makes no payments and all interest is added to the lien on the property. If the owner receives monthly payments, or a bulk payment of the available equity, then the debt on the property increases each month. In a reverse mortgage, the money received from the lender does not have to be repaid as long as the homeowner resides in the home. There is an option for reverse mortgage wich is reverse mortgage pros and cons. Reverse mortgage pros you can continue to live in your home. You retain title, but no monthly mortgage payment is due until you move, sell the home or die. At that time, the loan is due in full, including interest and fees. For reserve mortgage cons, are expensive, they tend to be more costly because they are rising-debt loans. The interest is added to the principal loan balance every month. You are also responsible for insurance, taxes, maintenance and all other expenses related to the property. Repayment on a reverse mortgage is the sale of the home.

For counseling you can contact The U.S. Department of Housing and Urban Development, the counseling exists to protect the consumer. you can take advantage of it. for you to know, meeting with a lender’s consultant is not the same as meeting with an independent HUD-approved counselor.