how does a reverse mortgage work ? - z reverse mortgage
TRANSCRIPT
Before to know about working of reverse mortgage, it is obvious to
know, what is a reverse mortgage? Reverse mortgage is a loan
which enables the senior citizens to convert their home’s equity into
cash, tax free, while retaining the ownership of the home.
Now, How Does a Reverse Mortgage Work? It is not like any
traditional loan, a lender pays you rather you pay monthly
instalments to the lender. The borrower does not make repayment
until you use the home as a primary residence or the last borrower
passed away.
ZReveseMortgage.com
A lender makes payments to you, based on a percentage of the
value in your home. You choose whether the cash is paid as a single
lump sum, a regular monthly cash advance, a line of credit (where
you decide when and how much to borrow), or a combination of
these methods
