Reverse Mortgage Facts
Jan 9th, 2009 by bradvantage
Welcome to “Open House”, I am Brad Snyder and I’m a Realtor and Property Manager with Sierra Vista Realty. This program has been designed to bring you news and information you can use. Each week I will have guest experts talking about what they know best and answering your questions and concerns. My goal is to inspire, empower, and enlighten as we discuss issues that effect homeownership.
Welcome back to Open House with Brad Snyder on KTAN 1420am. Well folks, Whether seeking money to finance a home improvement, pay off a current mortgage, supplement their retirement income, or pay for healthcare expenses, many older Americans are turning to “reverse” mortgages. They allow older homeowners to convert part of the equity in their homes into cash without having to sell their homes or take on additional monthly bills.
In a “regular” mortgage, you make monthly payments to the lender. But in a “reverse” mortgage, you receive money from the lender and generally don’t have to pay it back for as long as you live in your home. Instead, the loan must be repaid when you die, sell your home, or no longer live there as your principal residence. Reverse mortgages can help homeowners who are house-rich but cash-poor stay in their homes and still meet their financial obligations.
Today we are going to talk about reverse mortgages with Gloria Grabb and _____________________ and with Countrywide. Good morning Gloria and __________…. thanks for joining us today.
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