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Reverse Mortgages
Reverse mortgage problems Print E-mail
Reverse mortgage - a savior or a source of problems for senior citizens? Well the debate still wades on. For some, it is a great boon as it helped them afford a lifestyle that they otherwise could not even dream of. For others, it has been a disappointment, mainly because they didn't understand the reverse mortgage problems before getting one. Following paragraphs seek to address some of these concerns. Please understand that a reverse mortgage is different from normal mortgage in many ways. While, in a normal mortgage you take a debt and as you pay back your debt, your home equity keeps increasing as the debt reduces. However, in a reverse mortgage, as the name suggests, the process is just opposite. Here, the homeowner keeps getting a regular loan advance or a lump sum amount, but in return, the home equity of the home owner keeps reducing. Towards the end of the tenure of the loan, the home equity can even go down to zero. Thus the home owners lose their right to the property after a certain point. This can be a severe setback to those home owners who were looking to leave a certain property for their
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