Reverse Mortgages
By Pamela Stewart, Attorney at Law on Oct 13, 2007 in General Bankruptcy Information
If you are over the age of 62 and need to free up some cash that is currently in your home, you may want to consider a reverse mortgage. A reverse mortgage is a loan against your house but instead of you paying the bank, the bank pays you a fixed stream of money until you or the last surviving borrower dies or sells the home. The loan does not have to be repaid for as long as you live in the house. Of course, the more money the bank pays you, the larger your debt becomes and the less equity you have in your home. However, as a word of caution, I would never recommend you do this to pay off credit cards or other unsecured debt. Remember, your home is not a piggy bank.
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