Subject: Three types of Reverse Mortgages

Reverse Mortgages were created with the purpose of giving retired
Senior Citizens, age 62 or older, a steady income.

The senior citizen must also live in his/her home. This income is
derived from the equity of the home by a lender.

The lender is not reimbursed until the time the home is sold. One
caution about reverse mortgages is that the APR on reverse mortgages
is usually higher than that of a traditional mortgage. There are
three types of reverse mortgages.

For More Information Visit:
http://universalwebserver.com/maxtay485/

The first type of reverse mortgage is Single Purpose reverse mortgage.

Single Purpose reverse mortgages are usually granted to those with
low to moderate incomes usually by the government.

The purpose of this type of mortgage is to help the homeowner
pay for things involving the home and property such as taxes,
improvements, and/or repairs.

The second type of reverse mortgage is Home Equity Conversion
Mortgages (HECM) also known as federally insured reverse
mortgages.

This loan is backed by HUD (Housing and Urban Development).

This type of loan is pricier than the Single Purpose loan but does
not require single purpose use.

HECM loans require that you meet with a counselor to discuss costs,
risks, and possible alternatives including choosing one of the
other two types of loans.

The third type of reverse mortgage is proprietary. The companies
that have created them insure these loans.

They are very similar to the HECM reverse mortgages in that they are
pricier than the Single Purpose loans and follow the same
guidelines in determining who qualifies for one and how much.

Take a look at:
http://homeincomeportal.com/maxtay485/fp14.htm

Proprietary reverse mortgages differ from HECM loans because
they do not require meeting with a counselor before applying for one.

Both reverse mortgages however determine the amount you may
borrow from assessing factors such as age, home value, location, and
interest rates.

To determine which reverse mortgage is right for you, you
should contact a loans officer knowledgeable of reverse mortgages
or a HECM counselor.

Be Sure To Visit:
http://theinternetsuccessmachine.com/easycash4u/featured.html

Thank you,

Max Taylor
http://taylor-marketing.blogspot.com