How to Learn about the Reverse Mortgage!

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Introduction

The basic starting point to see if you are a candidate for a Reverse Mortgage is to use the 'Calculator' provided by AARP that will help you find, (1) if you are a candidate (2) how much money you could get. There are many companies listed that provide Reverse Mortgages. This is not a sales pitch as I do not participate at this time in 'delivering' the Reverse Mortgage, but I do plan to go back into the business soon. Health has been an issue but I am almost ready to go back into this business. It is a great way to recoup your equity out of your home with no 'due' payments until (1) you leave your home permanently, (2)at that time the sale of your home pays the loan back to the lender. Call a large bank or your favorite bank or lender for more information.

By: bonnieb

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Instructions

Text Size: +
Difficulty: Moderately Challenging

Tips & Warnings:

  • There are a number of way's to learn about Reverse Mortgages, AARP is one of the best!
  • Be sure to check the creditials of any person representing Reverse Mortgages.
  • Some banks and mortgage companie's do not offer Reverse Mortgages.
  • Go to the website of NRMLA and they have a list of mortgage providers in your state.
Step1
FIND A REVERSE MORTGAGE CALCULATOR (EX: AARP)
Step2
CALCULATE USING THE REQUIRED INFORMATION
Step3
FIND OUT HOW MUCH MONEY YOU MAY RECEIVE
Step4
CALL YOUR BANK OR MORTGAGE COMPANY

Photo/Video Credit

AARP.org AARP The Magazine AARP Bulletin AARP Segunda Juventud Discounts & Services AARP Foundation Divided We Fail AARP en Español

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eHow Article: How to Learn about the Reverse Mortgage!

Article By: bonnieb

bonnieb

Novice Novice | 210 Points

Category: Personal Finance

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