reverse mortgage McAllen TX
Do I Qualify For a Reverse Mortgage? What is a reverse mortgage McAllen TX and how does it differ from a traditional home equity loan? A reverse mortgage is actually a different mortgage loan, not secured by an individual home, which allows the homeowner to access the mortgaged value of that home. The loans are most often marketed to older homeowners and rarely do they require large monthly payment. Basically, the lender pays you regular payments that can amount to a lump sum or monthly installments. They then give back the mortgaged property when you have been paying the regular installments and can no longer afford to. However, when you take out a reverse mortgage, you are borrowing against the equity in your home and the lender will be the one paying off your regular payments. So if you stop making payments, the lender has the right to sell your home to recoup the loan. These loans are often referred to as balloon loans because of the interest rates. As the interest rates st