Who can use the reverse mortgage?
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sanson
Apprentice
Joined: 29 Mar 2006
Posts: 1
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 Posted: 08/30/08 - 06:02 Post subject: |
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| I need a small clarification about mortgages. Who can use the reverse mortgage? I have some ideas but I am not sure whether I can continue in planning. I really need your help with this. Do you know anything about this matter? I would be very grateful if you write down all you know about this matter. |
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sinclair
Apprentice
Joined: 16 Oct 2006
Posts: 1
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| Posted: 09/14/08 - 01:44 Post subject: |
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| I think that only people that are older than 60 years can use the reverse mortgage. To be more precise it is required that the borrower is older than 62 years old. However I need to want you that the cost can be very high. Perhaps you should look for some less costly options. |
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courtney
Apprentice
Joined: 09 Aug 2007
Posts: 2
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| Posted: 09/28/08 - 21:26 Post subject: |
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| Hi, I too want to say that reverse mortgage is very risky. It is not like other types of mortgages. You really need to be very careful. You have to find out how it works. This mortgage is being used by people that are older than 62 years old. Usually senior homeowners are interested in this type of mortgages so they could stay in their home. |
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