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Reverse Mortgage Demystified

Reverse Mortgage Demystified

This is a discussion on Reverse Mortgage Demystified within the Mortgage Know-How forums, part of the Mortgage and Loans Forum category; A type of mortgage in which homeowners can borrow money against the value of his or her home. No repayment ...

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Mortgage Know-How A mortgage is the transfer of an interest in property (or the equivalent in law - a charge) to a lender as a security for a debt - usually a loan of money. While a mortgage in itself is not a debt, it is the lender's security for a debt. It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.

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09-09-2008, 05:20 PM

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Reverse Mortgage Demystified

A type of mortgage in which homeowners can borrow money against the value of his or her home. No repayment of the mortgage (principal or interest) is required until the borrower dies or the home is sold. After accounting for the initial ...

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