A reverse mortgage increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan). GoodLife Home Loans works with other lenders and financial institutions that offer reverse mortgages. To process your request for a reverse mortgage, GoodLife Home Loans may...
reverse mortgage (redirected fromReverse Annuity Mortgages) Thesaurus Financial Encyclopedia reverse mortgage n. A mortgage in which a homeowner, usually an elderly or retired person, borrows money in the form of annual payments which are charged against the equity of the home. ...
Another option to consider is that the homeowner could obtain a reverse mortgage that would pay off the existing mortgage balance, plus provide additional monthly income. In the above example, the borrowers, even after paying off the remaining $75,000 mortgage balance, would have enough left over...
Reverse mortgage interest rates and fees in Canada One of the primary drawbacks of reverse mortgages is that they charge relatively high interest rates that will be in effect for as long as a loan is active. Because reverse mortgages don’t have a typical amortization schedule, interest can acc...