Reversed mortgages are a unique type of home equity loan mostly utilized by the elderly to help them stay in their homes as they age. But some aspects of these loans can be confusing. Luckily, the National Reverse Mortgage Lenders Association has published free guides to these unusually structured loans on their consumer education website.
The guides discuss the benefits and responsibilities of having a loan like this, which is used by over one million home owners in the USA.
“Part of our mission as an association is to educate consumers about the pros and cons of a reverse mortgage by being transparent about how the loan works,” said NRMLA President and CEO, Peter Bell.
“The new consumer guides are another way to provide reverse mortgage borrowers with information about loan terms, guidance for working with the lender after the loan is closed, and the process for repaying the loan when it comes due.”
For more information about reverse mortgages go to reversemortgage.org.
