Recently, a credit counseling agency in Arkansas decided to offer free counseling to everyone who is interested in pursuing this type of home financing. Happy New Year 2010 Quotes This follows the initiative of Money Management International who also made counseling available for free to interested seniors in late 2009.
What is a Reverse Mortgage?
Many people have heard of the federally insured reverse mortgage, but are unfamiliar with exactly what it does and how it works. Happy New Year 2010 Quotes Put simply, the purpose of reverse mortgages is to allow people who are 62 years of age or older to liquidate some of the equity they have in their home. This product can be used in many ways, but the primary uses are to pay off an existing traditional mortgage or to simply help supplement the homeowner’s income.
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