If you have been seeing the latest TV ads for reverse mortgages for those who are 62 and over you may be asking what exactly is this all about. In our reading and research it is exactly as the name implies.Instead of taking out a home equity loan they can take advantage of a reverse mortgage and see if they qualify. You can use one of the reverse mortgage calculators at All Reverse Mortgage company in order to see the current rates and which rate type, fixed or adjustable, may be the best solution for your situation.
This type of mortgage appears to offer relief for those that are nearing retirement and have decided that they would like to take advantage of the equity in their home. These loans are backed by HUD and can provide some additional tax benefits. Consult your accountant and look at expert sites on what questions to ask if you are going to consider such a financial solution.
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