A mortgage is a loan that you take on a property. You are required to make a down payment, usually a small amount, and then loan the rest of the money back. In most cases, this amount is not enough to buy a house, and a mortgage allows you to borrow the money. Your home is secured by the loan, so your lender cannot foreclose on it. You can use the loan as collateral for your next home, and you can repay the entire balance with the proceeds of its sale.
A reverse mortgage is a loan that pays you back in full when you move out of your home. Reverse mortgage proceeds are a great source of supplemental retirement income. In addition to making your mortgage payments, you also receive a lump sum when you sell the home. You can use the money for any of your needs, such as home repairs. You can also use the money for out-of-pocket medical expenses or a child’s education.
A mortgage is a loan that you get from a lender. This loan is backed by the government, and it is usually designed for low-income householders. This type of loan requires a low down payment, so you can afford to pay for it with the proceeds of any future income. In some cases, lenders are willing to refinance your mortgage, but you must meet strict FHA lending standards. To avoid falling behind on your payments, make sure to take out a refinanced mortgage.
-Senior Reverse Network