Day: May 28, 2013

Reverse Mortgages in Coconut Creek

  Many people have heard of reverse mortgages, but not many know what that actually means. The name itself is part of the confusion as it seems like there isn’t anything which can be reversed in a mortgage in Coconut Creek, FL. Here’s the basics when it comes to reverse mortgages in South Florida. A reverse mortgage is a special kind of mortgage most often utilized by people older than 62 years old. This is for their benefit as most traditional mortgages are paid over a 30 year period, but that’s a problem for someone who probably won’t live for another 30 years. A reverse mortgage is essentially an equity loan where the standard interest is deferred. A standard mortgage involves someone making a fixed monthly mortgage payment for a…

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