Tuesday, March 3, 2009
Reverse-mortgage-information.org is a very good online service that would help you in many ways to get all the information you may need to know more about the reverse mortgages. A mortgage represents a loan or lien on a property/house that has to be paid over a specified period of time. Mortgages come in many different shapes and sizes, each with its own advantages and disadvantages. Make sure you select the mortgage that is right for you, your future plans, and your financial picture.Home owner takes a loan and repays it in the form of monthly equal installments. As each payment is made, the home owner’s equity in the house increases and loan decreases. When the loan/mortgage is paid in full (all installments are paid), the home is debt free and the home owner has full ownership. A reverse mortgage. Home owner pays nothing each month. The interest amount on the debt is attached against the property as a security for payment. As the owner begins to receive the monthly payments, the debt on the property increases each month.A reverse mortgage enables older homeowners (62+) to convert part of the equity in their homes into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment. The reverse mortgages is aptly named because the payment stream is “reversed.” Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to you. Below are some common questions asked by consumers about reverse mortgages.The Medicare Advantage policy is a low cost alternative to a medicare supplemental insurance and is especially advantageous for those less than 65 years old. The Private Fee for Service (PFFS) is a type of Advantage plan that allows Medicare recipient to visit any doctor, any hospital, anywhere. Therefore, many Medicare recipients are well served by the lower cost Private Fee for Service plan.