Explain Reverse Mortgage

Seniors sixty-two and older may well be in luck, even in these harsh economic times, due to an interesting little thing called a “reverse mortgage.”
A reverse mortgage not like the mortgage you took out to pay for your home – you don’t pay anything but interest to the lender, because you are essentially borrowing money from yourself. What does this mean? Well, in a reverse mortgage, you’re extracting...

The House has voted to end a program designed to give federal loans to homeowners who can't make mortgage payments because they've lost their jobs or become ill.
Lawmakers approved the Republican-written bill Friday by a mostly party-line 242-177 vote. It marked the second time in two days that the House has voted to end aid for struggling homeowners....

Mortgage giants Fannie Mae and Freddie Mac played key roles in the housing market meltdown just a few years ago. President Barack Obama has proposed dissolving the two companies. Some Republican leaders have praised the plan. What's not to like?
Not so fast. Indeed, Fannie Mae and Freddie Mac, through incredible mismanagement, helped bring on the current recession. But their roles in the mortgage loan system are so gigantic and basic that simply eliminating them without ensuring an adequate...

Are you sixty-two or older? Are you worried about your monthly income in today’s economy? If your answer to these questions is a resounding – or even whispered – “Yes,” then maybe it’s time to look at taking out a reverse mortgage on your home.
Maybe you’ve heard of a reverse mortgage before, but you aren’t sure what it means. Well, the financial definition is that a reverse mortgage involves a lender paying you a portion of your home’s equity until you stop living there. In laymans’ terms...