Free booklet deals with questions on reverse mortgages
A free booklet that answers frequently asked questions about reverse home mortgages is now available from the National Reverse Mortgage Lenders Association.
Free booklet deals with questions on reverse mortgages...
REAL ESTATE WATCH
A reverse mortgage is a loan that allows senior homeowners, 62 years old and older, to turn some of the equity in their home or condominium into tax-free income without selling it or taking on another monthly mortgage payment. There are no minimum income or medical requirements, according to the NRMLA.
Further, senior homeowners can apply for a reverse mortgage even if they owe money on a first or second home mortgage. In fact, the NRMLA reports, many senior homeowners take out reverse mortgages to make payments on a home mortgage.
To order the free booklet, "Guide to Reverse Mortgages," call the NRMLA at 866-264-4466 or visit the Web site at www.reversemortgage.org.
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