Cliffside, NJ -- (SBWIRE) -- 01/14/2013 -- Reverse Loan Adviser in this YouTube video describes all the information that one needs to know about the reverse mortgage. The video answers every question that any individual has about the reverse mortgage. The US government only insures one reverse mortgage, Home Equity Conversion Mortgage or HECM. This reverse mortgage will be available only through the FHA approved lender such as Reverse Loan Adviser.
Reverse Loan Adviser offers their advice to people who are above the age of 62 regarding loans since this reverse mortgage is only for the senior citizens above the age of 62. This allows the senior citizens of the US to live a financially independent life where they don’t need to worry about the repayment of a loan or foreclosure.
Lifetime mortgage or reverse mortgage is a special service that is only available to senior citizens of the US aged 62 or above. While the typical mortgage is exactly opposite to this reverse mortgage, so comparing with the normal mortgage will give a better idea of what a reverse mortgage is. In the normal mortgage case, one would borrow a certain amount of money at the beginning and will use any property or home as a security for the amount of money that is borrowed. They would have to pay back the loan in a period of time and in equal amount of installments, which is already decided at the time when the money is borrowed. So if anyone defaults on the loan, the bank will have all the power it need to confiscate the legal documents of the property or house that was submitted as a security for the money that has been borrowed from the bank.
While in reverse mortgage case, it is totally different and works the opposite way. One would have to pledge a property that he owns to a financial institution and in return the financial institution will provide cash for a certain period of time. However, the reverse mortgage interest rate works a bit differently than the normal one. This is an EMI that the senior citizens get from that financial institution. Though there are some conditions out of which one is that a property cannot be pledged that has any outstanding loans on it so only houses with no outstanding loans can be pledged to a financial institution.
There are some conditions as well, like the house owners will be allowed to stay in the house they have pledged until they die or the reverse mortgage period runs out or any of the two events occurs first. This YouTube video covers all the reverse mortgage pros and cons and how it will make the lives of reverse mortgage lenders stress free.
About Reverse Loan Adviser:
Reverse Loan Adviser is the authority for reverse mortgages, a government insured authority that deals with the reverse mortgage for senior citizens of the country.