Reverse Mortgages or Mortgage Reverse like any other type of loan on the market, is a financial instrument. Instruments like this have its own advantages as well as disadvantages. Here are some of reverse mortgage information on the pros & cons.
One of the pros of the mortgage reverse loan is that the applicant is not required to have any income at the time he or she is making the application. This is probably the reason why it is so popular among people senior citizens who have retired and do not have any alternative source of income. The other advantage is that it is not possible to borrow beyond the real value of the home. This is even if the lending company has paid out a cash amount that exceeds the property’s value at the time of sale.
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