| If you are one of the millions of senior citizens | | | | recognize any warning signs before it is too late. |
| approaching retirement with less financial security than | | | | In order to qualify for a reverse mortgage loan, you |
| you had ever imagined possible, you may be | | | | need to be at least sixty-two years of age. As |
| overlooking one of your biggest financial assets--your | | | | mentioned above, you should have completely, or very |
| home. If you have paid off your mortgage completely, | | | | nearly, paid off any outstanding loans on your house. |
| or almost completely, you can consider taking out a | | | | Those who do owe money on an existing mortgage |
| reverse mortgage loan. | | | | or home lien will have to use their reverse mortgage |
| A reverse mortgage loan will allow you to get cash, a | | | | loans to pay those off before they can spend it one |
| monthly payment, or a line of credit based on your | | | | anything else. And reverse mortgage loans are binding, |
| home's appraised value; you will continue to live in your | | | | so if you find after committing yourself that you were |
| home; and the loan will not have to be repaid until you | | | | unhappy with the terms, you will have no recourse. |
| leave your home permanently or sell it. A reverse | | | | Finding A Good Lender |
| mortgage loan is not the same as a home equity loan, | | | | The best way to ensure that you will be happy with |
| and the older you are, the more of your home's | | | | your reverse mortgage loan is to work with a |
| appraised value will be available to you as a reverse | | | | trustworthy lender. You can easily find the names of |
| mortgage loan. | | | | several lenders in your area on the National Reverse |
| Precautions | | | | Mortgage Lenders Association--NMRLA--website; just |
| While a reverse mortgage loan sounds too good to be | | | | enter the name of the state where your home is |
| true, however, there are precautions you must take | | | | located, and sort through the large list of names which |
| when applying for one. Many applicants for reverse | | | | comes up to find lenders near you. All the reverse |
| mortgage loans fall victim to unscrupulous loan brokers | | | | mortgage lenders on this site have agreed to operate |
| or lenders who attach undisclosed fees to their | | | | under the Code of Conduct established by the |
| services. Those unfortunate applicants end up with far | | | | NMRLA for the protection of senior citizens. |
| more less money than they expected. | | | | As an extra precaution, you would be wise to have an |
| You owe it to yourself to become educated in the | | | | attorney familiar with reverse mortgage loans review |
| entire process which accompanies reverse mortgage | | | | any contract before you actually sign it. |
| loans, so that when you do apply for one you will | | | | |