Turn on the television or open up your internet

Turn on the television or open up your internet explorer and chances are you'll see ad after ad for reverse mortgages, all of which are targeted toward senior citizens.? Burberry Sunglasses,With so many scams these days that revolve around mortgages, and those geared toward senior citizens, you do well to want to explore all the details of mortgages before ever signing on for such a deal.? So, what are they and how do they work?? And why are these ads only geared toward seniors?

First of all, it's important to understand that reverse mortgages are advertised to seniors not because they are some type of scam but because they are only available to those 62 and over in the Gucci Sunglasses, United States.? Sorry, but you must be a senior to be eligible.

It's also good to understand how a typical mortgage works.? For a regular mortgage, the homeowner borrows a certain amount of money at a certain interest rate and pays monthly payments to the bank.? Because of the way the loan is amortized, much of those payments go toward interest, but as the principal of the loan is paid down, the homeowner builds equity in the home.? This equity is an important factor in mortgages.? Equity in a home simply refers to the fact that the home is now worth more than what the homeowner Ray Ban Sunglasses, owes on it; if he or she were to sell the house, that excess amount they would receive over and above the loan amount is equity.