Don’t understand what reverse mortgage is
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bentlee
Apprentice
Joined: 05 Nov 2004
Posts: 5
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 Posted: 08/27/08 - 09:24 Post subject: |
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| Hi, my grandmother is making an inquiry about mortgages. She asked me about it, but I was surprised and I could not answer his question. The thing is that I really don’t understand what reverse mortgage is. I never heard about it before. Can you explain what it is? Feel free to write down anything you know about this type of mortgages. |
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byrle
Apprentice
Joined: 17 Mar 2007
Posts: 3
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| Posted: 09/26/08 - 01:26 Post subject: |
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| Reverse mortgage is the type of mortgage that senior people can only use. I presume that is the main reason why your grandmother is making inquiry. This type of mortgages is used to release the home equity. There are some conditions you have to fulfill in order to qualify for this loan. I hope this was helpful enough. |
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