Reverse Mortgages
By: Jeremy Maddock | Posted: 07th December 2005
Reverse (lifetime) morgages are different from ordinary home morgages, in that they don't require payment, but instead allow the borrower to acquire a debt during their period of property ownership. The acquired debt generally isn't payed off until after the borrower dies, at which time it is subtracted from their estate.
Because of their time-sensitive nature, and lack of payment requirement, reverse mortgages are generally only available to elderly retired people, who have some assets, but can't afford to make regular payments, due to low income or high morgage rates.
About the Author: Jeremy Maddock is the webmaster of FinanceFacts.info, a useful source of finance articles.
About the Author
Occupation: Webmaster
Jeremy Maddock is a freelance writer, webmaster, and internet entrepreneur from Victoria, BC.
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Tags: lifetime, assets, sensitive nature, maddock, reverse mortgages, property ownership