Home Sweet Home
My grandmother’s friend, Rose, made a visit last Thanksgiving day, she spent the whole day with us, watching old movies and reading stories to the kids. I was about to make a call, when I overheard her talking to my grandmother, she said that she should inquire about Reverse Mortgage. She also said that, loans are safe since it is insured by the Government, specifically the Federal Housing Administration (FHA). The Requirements for availing of a Reverse Mortgages are, the applicants should be at least 62 years of age, with or without income and no credit score required, 1-4 units of eligible properties and they should occupy the house as a primary residence, maintain it in good condition, continue paying taxes and specially the homeowner’s insurance. She also mentioned that there are choices of how to receive your borrowed money, it could be in lump sum, installments or a combination of both.
There were many questions brewing in my head, but I did not want to bother the old ladies with it, so, I opened the internet and searched for Reverse Mortgages. It took a while to read its web page, maybe it was best for my grandmother to apply, but I really was not that sure. I clicked the Reverse Mortgage Information, where I found out if availing of a Reverse Mortgage is suitable for grandma, how does it work or its mechanics, what does professionals and experts say about it. There are even answers to questions frequently asked by their clients. I looked good, but there are things that I did not fully understand, maybe my grandmother and I should drop by their local office or make a phone call to explain further the details to us.
