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Types of Loans
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Reverse Mortgages REVERSE mortgages are a special type of loan that enables those 62 and over to remain securely in their own homes for life, with full title and ownership rights, while converting some of the value of their homes into tax-free, guaranteed monthly income.
Unlike a regular mortgage, a monthly check goes TO the homeowner FROM the lender. No repayment is required until the last co-owner dies, sells or moves from the home. The major difference from traditional mortgages is that seniors can never lose their homes due to missed payments. Repayment of the cash received, plus accrued interest, is made with proceeds from the sale of the home by the estate, with all remaining equity and home appreciation going to the heirs. These mortgages are currently available in about 15 states--INCLUDING MISSOURI. For more information contact your lender.
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