I came to know about reverse mortgage through a friend of mine. I knew what mortgages were. I had earlier mortgaged my home and had made regular payments till they were cleared and I became the owner of my house. But that was in the days when I was young and earning quite a lot of money. But since retirement, a fixed regular income and a few social security benefits are not enough to lead a life I want to and meet my requirements. This is when my friend told me about reverse mortgages.
This is exactly the opposite of the traditional or forward mortgage. In this kind of mortgage I do not have to make the loan payment, on the other hand the lender makes a fixed payment over a period of time. I can make use of this tax free income to settle my other debts and pay bills. I did not have to do a health checkup of be debt free to qualify for this mortgage. I am owner of my home till the stipulated period. Omnireversemortgage.com also gave me reverse mortgage information. Although you have to pay higher fees and the closing costs are higher when compared to the traditional mortgages this mortgage is ideal for many like me who can live a comfortable life, living off the wealth they had accumulated over the years.
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