Here’s another reason to be diligent in paying your monthly mortgage.  By the time you reach your senior age, you’ll be getting your money back through a reverse mortgage.

A reverse mortgage is a loan available to seniors where no payments are made.  Yes, you’ve read it right: no payments are made.  The loan will just have to be paid back when the owner dies, when the home is sold, when the owner leaves into aged care, or when the last homeowner permanently moves out of the property.  The loan that you will be receiving will come from the home equity in your property, which you can receive as one lump…

Mortgage lenders allow you to purchase the home of your dreams by loaning you money to buy it.  They can also loan you money to buy other types of property.  You will just have to pay them back in the months to come until you have paid your entire mortgage.

Mortgage lenders come in the form of local banks or credit unions.  There are also a growing number of financial institutions that specialize in providing mortgages.

There’s a good chance that the company you sign with at your real estate closing will not be the same one you are paying at the end of your loan. Although mortgages are often sold between…