Wednesday, April 09, 2008

Michigan Indebtedness and Bankruptcy - Part 3

Most reverse mortgage borrowers pay off any prior debt with an initial lump sum advance from their reverse mortgage.

The amount of money you would receive depends most on the specific mortgage plan or program you select. The experts at Kaye Financial will research every available program with various lenders to ensure the best plan with the best rate for your specific situation. Some reverse mortgages cost a lot more than others, and this reduces the amount of cash you would receive. Within each loan program, the cash amounts you can expect depend on:

When the loan is over, you or your heirs must repay all of your cash advances plus interest, which is usually satisfied by the sale of the home. Because a reverse mortgage is a non-recourse loan, you or your heirs are never going to owe more than your home is worth.

Get the FREE DVD that shows how a Michigan Reverse Mortgage works.

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