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Home Equity Loan – With a Reverse Mortgage, Your Home Pays Y


Successful retirement not to mention retirement planning takes more than advice and more than products. Successful retirement and retirement planning is a state of mind. How to create an atmosphere of shared goals about the future!

The home equity loan has become quite popular in the last five years, and Americans have tapped into the equity of their homes in record numbers. The reasons vary, although home improvement and debt consolidation are the most common reasons for borrowing against a home’s equity.

In the last fifteen years or so, a new twist has arrived in the home equity market –- the reverse mortgage. Like a traditional home equity loan or line of credit, a reverse mortgage allows you to borrow against the equity in your home. Unlike those other options, you don’t have to make payments in order to pay it back. The repayment takes place when you die, when you move, or when you sell your home. You must be at least 62 years of age to qualify, but unlike other loans, you do not have to have any appreciable income in order to get a reverse mortgage.

There are a number of advantages of a reverse mortgage over a traditional home equity loan:

  • Your options of receiving the money from the loan include a monthly payout, although you may also elect to receive a lump sum or a credit line. A monthly payout would effectively provide you with a regular “income” during the remainder of your time in your home.


  • The loan isn’t due until you move, sell the home, or die. There is no repayment schedule, as with regular installment loans. At the time of your death or when you sell the house, the loan must be repaid with interest.


  • The amount you have to repay cannot exceed the value of your home. With this feature, you are protected should your home decline in value. The lender cannot force you to pay more than the value of the home.


    • Due to the age restrictions on reverse mortgages, they are not for everyone. But if you qualify, it could provide an excellent opportunity to have an income during your retirement years.

    About the Author

    ©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including http://www.End-Your-Debt.com/ and http://www.HomeEquityHelp.net/



    By: Charles Essmeier

    Most people are not ready for retirement:

      And I'm not just talking about the money side of the equation.

      I am talking about having something constructive to do when you don't have to go to the office anymore.

      We recommend that you establish a communication process guaranteed to uncover what's important to you and your family - when you have all that time you always wished you had. This is the first step in setting priorities and getting buy-in from everyone, which will help you start sooner rather than later to create a plan and then execute it!

      As consultants, business coaches, and Certified conflict prevention and resolution professionals - with combined experience of over 100 years helping executives and business owners plan for their future - the one element, required before anything can move forward, is a spirit of cooperation.

      That spirit is either a natural result of an atmosphere of shared goals about the future, or it one they have refined or learned from scratch.

      Strategic Conversations is a process you can learn that will provide enhanced communications for life. Their free resources and accompanying free research report will help you establish the framework for determining, among other things, the right financial planning strategy for you right now!

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