Reverse mortgage can be a great benefit for a person(s) who has reached the age of 62. The Loan to Value (LTV) varies from 50% to 90% depending on the homeowner’s age. The rate can be an adjustable–currently 2.18%, or fixed for 30 years–currently 4.50%. The money can be disbursed as a line of credit, a lump sum, or on the monthly payments.
Eligible person(s) have to take a mandatory counseling class before applying for reverse mortgage.
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