Reverse Mortgages

by DeLadurantey Law Office, LLC on June 7, 2010

The reverse mortgage is a form of loan which is mostly commonly available to senior citizens. First popularized in Europe, a reverse mortgage allows a lending institution to lease the equity an elderly homeowner has built up in his or her home. The homeowner takes out a loan from the lending institution, which he or she is not obligated to pay until after he or she dies. When the home is sold, the loan is paid to the lending institution.

The Benefits of a Reverse Mortgage

The major benefit of a reverse mortgage is that it allows the borrower to have an income without having to pay off the debt during his or her life. The money can be taken in a lump sum payment, or a regular payment plan.

If the property the mortgage is taken out on has increased in value, it may be possible for the homeowner to take out additional loans.

If you or someone you love is facing a heavy level of debt and is unsure of how to overcome it, the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC, may be able to help. To discuss your case with one of our compassionate attorneys, please contact us today by calling 414-377-0518.

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