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Reverse Mortgages

The Pros and Cons of a Reverse Mortgage.

Over the past 10 years, the real estate market has grown tremendously. Within this ten year growth spurt many real estate lenders, investors, and financiers developed creative financing programs for borrowers. One of the Mortgage programs that are becoming more popular is the Reverse Mortgage. In this paper I will define Reverse Mortgages and identify the pros and cons of such a program.
A Reverse Mortgage is a unique loan program that enables homeowners that are age 62 and older to use their equity without creating a monthly payment obligation. Thus, the reverse mortgage program enables seniors that may be "real estate rich and cash poor" to unlock the financial potential in their homes, and let their homes work for the reverse mortgage does not become payable until the senior homeowner no longer occupies the property as his primary residence. At that time, the outstanding principle and the accrued interest become due. Typically, the......


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Approximate Word Count: 596
Approximate Pages: 3 (250 words per double-spaced page)

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