Reversed Annuity Mortgages
| Q: | What is a reverse mortgage loan? |
| A: |
A reverse
mortgage is a special type of loan available only to
equity-rich, older homeowners. Such owners can borrow
against the equity they have built up over teh years,
but no repayment is necessary until the borrower sells
the property or moves elsewhere. If the borrower dies
before the property is sold, the estate repays the loan
(plus any interest that has accrued.
These loans have become increasingly popular. If you believe you qualify for such a loan, be sure to have the document reviewed by an attorney or another expert. |
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Cara O'Bryant Realtor Associate Licensed in Mississippi & Tennessee 901-212-0047
Bob Leigh & Associates Realtors, LLC |
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