Real Estate

Have you seen Robert Wagner’s TV ad for reverse mortgages? With the sub-prime mortgage crisis forcing more than 1.5 million people to foreclose on their homes, this may be an alternative you may want to consider.

What is a reverse mortgage? According to AARP, it is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. You typically don't have to pay anything back until you die, sell your home, or permanently move out of your home. To be eligible for most reverse mortgages, you must own your home and be 62 years of age or older.

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I wish I knew !! Things are changing so fast in the mortgage business, even I can't keep up. Since the whole mortgage meltdown,
even the lenders don't know what will happen tomorrow. Interest rates are up and down, up and down.

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