Home Equity Loan - With a Reverse Mortgage, Your Home Pays You!


The home equity loan has become quite popular in the last five years, and Americans have tapped into the equity of their homes in record numbers. The reasons vary, although home improvement and debt consolidation are the most common reasons for borrowing against a home's equity.

In the last fifteen years or so, a new twist has arrived in the home equity market -- the reverse mortgage. Like a traditional home equity loan or line of credit, a reverse mortgage allows you to borrow against the equity in your home. Unlike those other options, you don't have to make payments in order to pay it back. The repayment takes place when you die, when you move, or when you sell your home. You must be at least 62 years of age to qualify, but unlike other loans, you do not have to have any appreciable income in order to get a reverse mortgage.

There are a number of advantages of a reverse mortgage over a traditional home equity loan:

  • Your options of receiving the money from the loan include a monthly payout, although you may also elect to receive a lump sum or a credit line. A monthly payout would effectively provide you with a regular "income" during the remainder of your time in your home.

  • The loan isn't due until you move, sell the home, or die. There is no repayment schedule, as with regular installment loans. At the time of your death or when you sell the house, the loan must be repaid with interest.

  • The amount you have to repay cannot exceed the value of your home. With this feature, you are protected should your home decline in value. The lender cannot force you to pay more than the value of the home.

  • Due to the age restrictions on reverse mortgages, they are not for everyone. But if you qualify, it could provide an excellent opportunity to have an income during your retirement years.

    ©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including http://www.End-Your-Debt.com/ and http://www.HomeEquityHelp.net/



    RELATED LINKS

    Accept Credit Card Payment Online

    Accept credit card payment online and increase sales by 400% or more.... Find out how ...

     

    Advanta Credit Cards

    Apply for an Advanta credit card with 0% APR, rewards and cash back.

     

    American Express Credit Card Application

    Apply online for a new AMEX rewards credit card. See special offers.

     

    Best Airline Miles Credit Card

    Earn Frequent Airline Miles for Every Dollar Spent with No Annual Fee.

     

    Best Cash Back Credit Card

    Earn Up to 5% Cash Back on Every Day Purchases. Apply for Yours Today.

     

    Best Reward Credit Card

    Compare & Apply for the Best Reward Credit Cards with Up to 5% Cash Back Rewards and more.

     

    Business Credit Card Online Application

    Compare Business Credit Cards from All Major Banks. Apply Online Now

     

    Chase Credit Card Application

    Find Credit Card Applications from Chase & Apply Online in Seconds.

     

    Citi Credit Card Application

    Citibank offers credit cards that have 0% APR balance transfer options, Rewards, Cash Back, and much more

     

    Credit Card Application For Bad Credit

    Great card for bad credit just got better. 8.9% APR, instant decision.

     

    Credit Card Balance Transfer Deal

    Great Rates: Balance Transfers and Purchases. Capital One Credit Card

     

    Debit Cards

    Control Your Spending with a debit card. Guaranteed Approval.

     

    Discover Credit Card Offer

    Discover Credit Card Offers with 0% for 12 months, no fees & cash back.

     

    Gas Credit Card Application

    Save money at the gas pump with a new gas credit card. Apply now.

    Fast Easy Payday Loan

    Get the fast cash you need with an easy payday loan. Compare and apply

     

    Hotel Rewards Credit Card

    Earn Free Stays with a Hotel Rewards Credit Card. Apply Online Now.

     

    HSBC Credit Card Application

    Get 0% Intro APR, No Annual Fee, Great Service, Benefits. Apply Now.

     

    Low Interest Credit Card List

    Compare & Apply for Credit Cards w/ 0% Intro APR for Up to 15 Months

     

    Master Card Application

    Apply for MasterCard Credit Cards with 0% APR, Cash Back & No Fees.

     

    No Annual Fee Credit Card

    0% APR with No Annual Fee. Compare No Fee Credit Cards & Apply Online.

     

    Online Car Loan Application

    Loans and Refinancing for New and Used Cars. Online Approval.

     

    Online Debt Consolidation Services

    Consolidate your debts today - ease the strain of monthly bills.

     

    Online Foreign Currency Trading

    FOREX is a serious game. Play it with the pros. Start with just $50. The best trading platform available today. Start Trading and see why.

     

    Online Mortgage Application

    Apply online for a mortgage for your home. It's fast and easy. Great Rates!

     

    Online Visa Credit Card Application

    Compare & Apply for Visa Credit Cards with 0% APR and No Annual Fee.

     

    Prepaid Credit Card

    Get a Prepaid Credit Card with Free Direct Deposit. No Credit Check.

     

    Shopping Reward Credit Card

    Shopping Reward Credit Card. Fast Online Credit Card Application ... You have found the best shopping reward credit card site on the Internet!

     

    Student Credit Card Application

    Pay 0 Interest for 6 Months & Earn Rewards with a Student Credit Card.

     

    Travel Rewards Credit Card

    Compare Frequent Flyer Credit Cards Apply Now and Start Earning Miles.


    MORE RESOURCES:

    Mortgage Refinance Options to Think About
    3x24 - Your Newspaper and News Magazine, Germany - Aug 26, 2008
    Mortgage refinance options are always available no matter what type of mortgage you already have in place on the home you are living in. ...


    What’s A Divorce Got to Do with Your Mortgage Refinance?
    Corsavoo.com, France - Aug 25, 2008
    When you’re the aggrieved partner, you silently wish that things will suddenly take a better turn, especially with an unpaid mortgage. Refinance plans have ...


    Q: Can points from a refinanced mortgage be deducted on my taxes?
    Louisville Courier-Journal, KY - Aug 29, 2008
    A: If the points were paid solely to refinance the mortgage, they can be deducted as mortgage interest but must be spread out over the life of the loan. ...


    Taking Home Mortgage Loans
    3x24 - Your Newspaper and News Magazine, Germany - Aug 25, 2008
    ... you find your exact Loans and Credit Cards. Visit us now to get your Free Mortgage Refinance Loans Quotes Get your free report on Guaranteed Credit Cards.


    Housing Help
    WWMT, MI - Jul 31, 2008
    WASHINGTON (AP) - He had once threatened to veto it -- but President Bush has signed a rescue measure for homeowners in trouble. ...


    MLive.com

    Family's money woes center on the house
    MLive.com, MI - Aug 2, 2008
    File: Leisa Thompson, The Ann Arbor NewsJay and Betty Jahnke: Still worried about their mortgage payment and tuition bills for their daughter. ...


    Refinance your Home Loan and Get Extra Cash
    Corsavoo.com, France - Aug 23, 2008
    There are online sites offering access to a complete and up-to-date list of lenders dealing with mortgage refinance and this will make the process a lot ...


    Borrowers feel fallout from mortgage giants' woes
    Salt Lake Tribune, United States - Aug 20, 2008
    By Alan Zibel AP Jeff Jaye, a mortgage broker in Northern California, used to rely on homeowners looking to refinance their loans for more than two-thirds ...


    Ask the Biz Brain
    The Star-Ledger - NJ.com, NJ - Aug 11, 2008
    I have a pre-payment penalty on my mortgage loan for three years. I'd like to refinance sooner. Is there a way a lender can waive the penalty? ...


    Area last in state in home prices
    Toledo Blade, OH - Aug 27, 2008
    By JON CHAVEZ The Toledo metro area was the worst spot in Ohio for home prices and mortgage refinance values in the past year, dropping nearly 4 percent. ...

    Mortgage-Refinance - Google News

    home page | article index | site map
    Credit  |  Currency Trading  |  Debt Consolidation  |  Debt Relief  |  Insurance  |  Investment  |  Leasing  |  Loans  |  Mortgage and Refinance  |  Personal Finance  |  Real Estate  |  Stocks and Mutual Funds  |  Taxes

     

    © Copyright 2006 - SmarteCredit.Com. All rights reserved