Thursday, April 17, 2008

Reverse Mortgages

If you are a home owner and you are at the age of 62 or older you can apply for a reverse mortgage loan. What is a reverse mortgage loan? A reverse mortgage loan is a type of loan which enable you to receive payment in exchange of your home's equity. This type of loan requires no income qualifying and term of conditions are very easy. If you happen to live around California then you can apply for California reverse mortgages through AmeriTek Mortgage Inc.

You might be wondering how much money you would get by using this type of loan. Basically the amount of money you receive is based on three factors which are your age, the interest rate and the value of your home, last is the amount of loan you owe left if you have any. Usually people who apply for reserve mortgage loan use the amount of money the get to pay off their existing loan. Now there are four types of payment plans that you can choose. If you want to receive a monthly check then you should choose tenure. If you prefer a line of credit then you can draw it anytime up to the maximum amount given. Lump Sum Cash Advance will give you an amount of cash at closing. You can choose Modified Tenure if you want to have a combination of those three plans.

Now you can choose to live in the house for as long as you like. You can even leave it to your heirs if you want to. Please not that this loan will not due until you leave your home. So as long as you are still living there you can have a source of income. But remember you can not lose your home at any time regardless how much equity is left. Judging by the term and advantages you get this type of loan is really lenient. Anyone who is on his or her old age should consider this reverse mortgage loan. If you ever needed ca reverse mortgages then AmeriTek is the name that you can trust.

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