The definition of a reverse mortgage is a loan giving a senior homeowner the ability to change home equity into cash. Usually no payments are due until the senior moves, passes away, or the home is sold. The loan is due when the senior dies, moves, or sells. The final payment is calculated to not exceed the home's selling price.
It sounds like a good idea for those seniors that are having trouble with making their mortgage payments BUT before you decide to take advantage of this kind of mortgage please check it out first!
It may help if you listened to the same program that I was listening to. It is a local community talk radio show called "The Empowerment Zone" and it is heard on Saturdays at 4pm to 5pm on WURD-900 am. Since this radio station has an online website you can listen to the radio program via the internet even if you are located outside the Philadelphia area!
Here is more information on this radio station:
1341 N. Delaware Avenue
Suite 300
Philadelphia, PA 19125
Office Hours: 9am - 5pm EST
Phone: 215-425-7875
Fax: 215-634-6003
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