A type of mortgage in which a homeowner can borrow money against the worth of his or her house. The major distinction is that in a reverse mortgage loan the borrower can continue living in his residence that has been put up as a mortgage to the lender whereas, in a traditional mortgage loan the borrower can not continue staying in his property that he has put up as a mortgage to the lender.
In common, when the reverse mortgage loan terminates and the sale proceeds from the property are insufficient to repay the total outstanding loan amount in full, the bank will apply the payment derived from the life insurance policy, up to the then available cash surrender value, to recover any shortfall.
Certified Financial Planner, Dan Moisand has been functioning with retirees for more than 25 years and has observed many ups and downs in the reverse mortgage product, but still isn’t jumping on board, he explains in a recent write-up published in Monetary Advisor Magazine.
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Centuria Capital Limited’s subsidiary More than Fifty Seniors Equity Release Pty Restricted ABN 12 095 362 388 Australian Credit Licence 384614 retains ownership of the Fixed For Life Reverse Mortgages and remains the manager of these loans which will continue to operate on the identical terms and circumstances as set out in the loan agreement and mortgage.