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  • Reverse Mortgage

    3 posts, 3 voices, 589 views, started Nov 13, 2008

    Posted on Thursday, November 13, 2008 by Dr. Terri L. Jenkins


    • Amethyst

      What is a reverse mortgage?

      A reverse mortgage is a special type of home loan that lets a homeowner convert a portion of the equity in his or her home into cash. The equity built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence. Reverse mortgage provides these benefits, and it is federally-insured as well.


        • 0 votes vote up vote up

          Rosa Page wrote Nov 23, 2008
        • I have a question about my home loan. We are in a ballon mortage and it is comming due. We could refinance or we can just pay it off and have no loan. Which would be better? We have been to a finance advicer and got one answer and we went to another and got the opposit answer. We don’t know what to do? Any advice from anyone?

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        • 0 votes vote up vote up

          Dr. Terri L. Jenkins wrote Dec 8, 2008
        • Balloon loans are short term mortgages that have some features of a fixed rate mortgage. The loans provide a level payment feature during the term of the loan, but as opposed to the 30 year fixed rate mortgage, balloon loans do not fully amortize over the original term. Balloon loans can have many types of maturities, but most balloons that are first mortgages have a term of 5 to 7 years.  

          You are 40 something years old I would suggest a 20 year fixed mortgage.  By the time you are ready to retire your mortgage will be paid off and you can sit back and enjoy your retirement.

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