REVERSE MORTGAGE
Reverse Mortgage involves getting money by converting the home value into a tax-free income without selling the home. This kind of mortgage enables the borrower to still remain the owner of the house just like he was when he had a forward mortgage and get lump sum amount without much of difficulty. When applying for the Reverse Mortgage program its essential to do some research work about the bank’s credibility as not all banks are not safe and sound to apply in! One should always go through the quotations and read the mortgage documents carefully so as to avoid any kind of confusion. When applying for Reverse Mortgage program one needs to fill in the registration form offered by the banks. People need to show documents and papers, and fulfill certain criteria to borrow the money. Not all can apply for such financial program, i.e. people with a poor credit history might not be eligible for this kind of program at all places. One can apply for Reverse Mortgage program for education, home, car and other purposes. Like the Forward Mortgage this loan also needs to be paid back within the grace period. Therefore before applying for such a program it is very important on the part of the borrower to make sure that he can pay back the amount.