Estimating The Amount Of Money You Can Get

January 2nd, 2008 by admin

The amount of money you can get from reverse mortgage loan is estimated by taking into account different factors such as your age, current interest rate, and the appraised value of your home or the FHA reverse mortgage limits for your area, whichever is less. If your application for reverse mortgage is approved, you can receive the funds in five different options - tenure, term, line of credit, modified tenure, modified term. With the tenure option, you will be receiving equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence. With the term variant, you will get equal monthly payments for a fixed period of months selected.

Posted in Finance :: Mortgage & Debt