Manu Geol asked:


“Reverse mortgages are cool” – I heard someone from Scranton say. And, in fact, I would agree with that totally.

Checking the reverse mortgage options for your Scranton house will start with you checking your eligibility / qualifications for getting a reverse mortgage loan. Though the eligibility/ qualifications for the reverse mortgage loan are dependent on the rules and laws prevalent in that state and at that time, there are some general rules that will mostly hold good (or hold good with a bit of variation). The first and the most important rule is the age of home owner. Since reverse mortgages are meant only for older home owners, you must first check the minimum age requirement even before you start considering a reverse mortgage loan (generally, this minimum age limit would be around 62 years or something like that). The other thing is that you must be living in the house (in this case your Scranton house) whose home equity you wish to use for getting the reverse home mortgage loan (and you must continue living in the home for the entire duration of the reverse mortgage loan). If you move to some other house or you sell it, you will need to payoff your Scranton house reverse mortgage loan. Another situation when the reverse mortgage loan will need to be paid off is when you die. Of course, the underlying assumption for reverse mortgages is that you own your house sufficiently (i.e. you have a large home equity).

So, reverse mortgages are really a good option (you can get mortgage advice and tips from a good websites online).



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