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 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 and may resell it.
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.
program is great for elderly people, who need to supplement their
incomes. Check out seniorjobbank.org, as well as the wealth-building
system, Winning the Mortgage Game to learn more about this
interesting mortgage program.
Barnes is an investment real estate and real estate finance expert.
Get his free mortgage finance course at http://www.winningthemortgagegame.com
and learn more about his wealth-building system. Mark
is also the author of the new novel, The League, a shocking,
sports-related conspiracy. Learn more about his suspense thriller at