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Revisione 00:00, Set 2, 2012

1. The Reverse Mortgage lender will possess your home - FALSE! You and your family or your estate will keep on retaining ownership of your home at all time that the reverse mortgage is in place. The Lender does not take command of the title. The lender's interest is restricted to the outstanding loan balance, just like an accustomed mortgage. Reverse Mortgage Information Regarding The Hecm Options Available To Seniors When a reverse mortgage is established, the homeowner has a choice of receiving the loan in monthly installments, a lump sum payment, a line of credit account, where money can be drawn from as needed, or any combination of the three. After the owner dies or moves out, the lender takes ownership of the property unless the owner or heirs repay the loan. Some homeowners have chosen to sell the property and pay off the loan with the profits. If the homeowner lives in the property until death, the value of their estate is reduced by the amount owed in the loan, and if the property is sold for more than the amount owed, the excess money goes to the homeowner's estate. Qualifications and Conditions of a Reverse Mortgage [url=http://printphotoscheap.com]national reverse mortgage lenders association[/url] The whole loan plus interests and all the costs will be paid back, at the closing of the loan. So, what you have paid as a normal mortgage, you use in the form of a senior reverse mortgage. The idea is, that you can keep about the same standard of living than during your active days with this new loan. The amount of the senior reverse mortgage varies according to your age, the value of the home, current interest rates and the loan fees. Everything Christian ~ The God Of The Bible Group The total loan is due only when you no longer reside in the home.