http://www.pitithefool.com/mortgage/reverse-mortgage/ Reverse mortgage options are perfect for elderly homeowners. Find out if you can take out a reverse mortgage today! en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 Even though there are different forms of reverse mortgage, they all generally work the same. Just think of them as a second mortgage that simply keeps going without repayment. With a reverse mortgage you remain the owner of your home - you are still required to pay property taxes and insurance on your home - but instead of giving money to the bank the bank is giving money back to you. Think of it as the bank buying back your home one installment at a time - you will never be loaned an amount whose value (plus interest) is greater than the value of your home at the time of sale. Many fools find out that to late that interest is charged against this form of mortgage and we definitely PITI them because they took out the second "I" in PITI! Chumps. You can use the money from your reverse mortgage as a retirement fund for your brittle bones, or pay off various fees and debt before some sucka fool comes and ruffs you up a bit. How Much Money Can You Get From A Reverse Mortgage? The amount of money received from a reverse mortgage depends on the type of plan you have. In most programs, the reverse mortgage depends on the homeowner's age and home value. The older in age the homeowner is, the more money you are offered. In addition, the more money your home is worth, the more money you can get back. Interest rates and closing costs also effect the amount you receive, so you'd better get ready for some serious mortgage pain. Paying Off Your Reverse Mortgage A reverse mortgage must be the only thing you owe on your property - otherwise when you sell you're home you will actually owe money instead of getting some back. Make sure you pay off any existing debts. Most homeowners pay off a lump sum from the money they get off of their reverse mortgage. The debt you owe on a reverse mortgage equals all the money you receive plus interest. All reverse mortgages are due when the last surviving homeowner dies, sells the home, or moves permanently out of the home in question - the last man standing has to pay the bill. Payment can also be requested if you fail to meet your other obligations and property taxes, so if you a chump fool with debts you best pay them off before getting a loan. In addition to repairing and maintaining your home, you must also keep the house insured, and this costs even more money, so watch out fool. Bring the pain to reverse mortgages Thanks to the Truth in Lending Act, after closing on your reverse mortgage - as with all mortgage loans - you have a short period of time to reconsider your decision, to go over the details of your loan as provided by your lender. Most lenders require a cancellation in writing, so if you wanna be chicken and back out you gotta sign that dotted line - chump! However, it is urged that you thoroughly review your current financial standing before taking such an action - we said it once we'll say it a thousand times, home loans are great. They're good for you, providing eight essential vitamins including secuitearic acid and homeequityriboflavin! You can make some serious change as a home owner too, so get tough on your mortgage and fight for the best mortgage rates you an get, fool! Sat, 26 Jul 2008 15:00:00 EDT