Reverse Mortgage - A reverse mortgage is a loan against your home that requires no repayment for as long as you live in your home. Since a reverse mortgage does not require monthly payment, things which apply to a normal mortgage such as your current employment or wages do not apply here. The best thing about a reverse mortgage is that, since there are not monthly payments against your home, you are not in jeopardy of losing your home, which is the case with normal mortgages.
There are many different guidelines as to who can apply for a reverse mortgage loan. First, you must own your own home. Generally you must be 62 years of age or older. For the federally-insured "home Equity Conversion Mortgage" (HECM), your home must be a "single-family property, a 2-4 unit building, or a federally-approved condominium or planned unit development (PUD)". Also, you must have no debt (or liens) against your house. If you do have debt against your house, you should pay this off before applying for a reverse mortgage or you can often get a quick cash advance from the reverse mortgage in order to pay off the debt.
A quick cash advance for reverse mortgage is basically as separate small loan, given by the same financial institution, which is used toward paying off any liens held on your mortgage. The way this works is the bank will loan you whatever amount of money is needed to take care of the liens, then after you have paid off the amount owed on your mortgage, you will set up a reverse mortgage and pay back the loan out of your reverse mortgage settlement.
The amount you are able to receive from a reverse mortgage varies depending on your circumstances, such as how much your house is worth, your age and your location. The total amount paid to you in a reverse mortgage will also depend allot on how it is paid to you as well as a host of other factors. A reverse mortgage can be paid to you in several different ways. Usually, a reverse mortgage will be paid to you monthly, as a cash advance over a specified number of years. You can also opt for a reverse mortgage credit line account. With a reverse mortgage credit line
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