A Reverse Mortgage Loan is exactly as the phrase Reverse Mortgage Loan implies. It makes monthly payments to you-not you making monthly payments to it. A Reverse Mortgage Loan is available to senior citizens, whose age is at least sixty-two (62) and own their home, and who wish to use the equity in their home without selling their home. In almost all cases, the home must be free of all liens and encumbrances; so the lender would be in a first mortgage position. The home owner still retains all the rights and privileges of home ownership and continues to be responsible for all maintenance, utilities, insurance, and taxes. By using a Reverse Mortgage Loan, home owners can have the luxury and pride of maintaining and staying in their own home and still receiving a monthly income check from the untapped equity in their home.



Many people ask how much money is eligible under a Reverse Mortgage Loan. Probably the best way to answer this is found on the internet at ReverseMortgageLoan.Com where there are charts showing the approximate amount available, depending on the applicants age and the value of the home It is as follows:





Value of Home:



Age $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,000



70 $112,000 $136,000 $160,000 $183,000 $207,000 $231,000



75 $143,000 $173,000 $203,000 $233,000 $263,000 $294,000



80 $182,000 $234,000 $251,000 $295,000 $300,000 $370,000



85 $230,000 $278,000 $326,000 $373,000 $420,000 $468,000



So, if home owner is able and wants to stay in their own home, a Reverse Mortgage Loan is probably a good decision.



There is a common myth if a person take out a Reverse Mortgage Loan, the home owner gives up their right and title to their home, and this absolutely not true. The owner retains all rights and responsibilities, and the deed to the home goes back to the lender only when the owner dies, vacates the property after twelve (12) months, or does not maintain the property. The property is then sold, and the remaining equity goes to the heirs. A Reverse Mortgage Loan could be beneficial to a home owner who wants the home equity but does not want to sell.



More information is available on a Reverse Mortgage Loan at AlbanyEnterprises.Com and follow the links to EZ Albany Mortgages or Albany Home Lending.