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If you owe 40 percent or less of your original mortgage, there is a great program that is available to you that will generate extra monthly income.
Itís called a reverse mortgage.
The reverse mortgage is similar to a home equity loan, only in the fact that it pays you the equity you have in your house.
The differences, though, are many. If you have a large amount of equity in your home, youíll want to consider a reverse mortgage.
The reverse mortgage does exactly what the phrase says. Instead of the homeowner making monthly mortgage payments, the bank literally reverses the action and pays the homeowner.
Sound too good to be true?
Itís not, and itís a completely legitimate program. Banks like it, because at the end of the term of the loan (usually when the homeowner dies), the bank acquires the house & may resell it.
Hereís how it works.
Letís say you own a home with a mortgage balance of $30,000 and itís worth $100,000.
The bank will put a loan on some or all of the remaining balance, amortize it over 30 years and send you a check for this amount monthly.
Sometimes, theyíll use enough of the remaining equity to pay off your balance, so you owe nothing. Then, you get payments each month, and when you die, the house belongs to the bank.
This program is great for elderly people, who need to supplement their incomes.
Mark Barnes is an
Investment Real Estate and
free mortgage finance course at ... http://www.winningthemortgagegame.com
Mark is also the
author of the new novel,
Bookmark & keep coming back often!
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