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Reverse Annuity Mortgage – Tapping Into Your Equity
Types Of Reverse Mortgages
One of the first RAM programs was developed by HUD and is still in existence. To qualify you must be 62 or older, live in the home, and have paid off your mortgage. The government will then insure your mortgage.
You can also work directly with private lenders. You will want to review their terms carefully to be sure that you are getting the full value of your home and not paying thousands in fees.
With both types of RAM you will never owe more than what your home is worth. When you decide to move, the loanÂ's principal, interest, and fees will be due. Any equity remaining from the sale of your home will be yours...
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