Cameron Reverse Mortgage

By: Antonio Redford

Once you reach the age of retirement, financial worries can shake you out of a comfortable existence. The worry regarding the stop in a regular, assured flow of income can create panic even in the minds of those you have kept aside a substantial amount for their post retirement days. This is because, there is guarantee about secured finances as a sudden need during emergency can turn all our best laid plans upside down. In addition, the increasing cost of living can make it difficult to carry on with the same kind of lifestyle even after retirement. A reverse mortgage loan can take care of these issues only if you have a property to hold up as collateral against such a loan.

Most of us spend all our lives in acquiring and paying for a decent house and a Cameron reverse mortgage loan make s u realize that there is a lot that this property can do for us when the need arises. Any retired person over the age of sixty two and owning a property can easily apply for a Cameron reverse mortgage and many people in the United States have already benefited from this kind of a loan. The main difference between a reverse mortgage and any other loan is that, using the house as collateral, one can get a lump sum as loan but does not have to repay the loan as long as he is alive. The loan repayment is done after his death, through the amount recovered form the sale of that house.

The borrower is also allowed to continue using the mortgaged property for residential purposes and the loan does not shift to his children or next of kin upon the death of the borrower. The property also remains in the name of the borrower and it can be sold by him if he deems it fit. Only in the case of such a sale, the amount borrowed under the reverse mortgage would have to be paid back first according to the current market rate and only then can the remaining amount be given to the property owner. The property under a Cameron reverse mortgage can also be mortgaged for a second time, provided that the mortgage was the first one provided on the concerned property.

Reverse mortgage is a form of money lending that allows a senior citizen to get access to substantial funds whenever the need arises, without having to compromise on his self-respect or dignity. A loan on one's own property is a much preferred option over borrowing money from family or friends. It is better to sustain yourself independently rather than asking for help and being unnecessarily obliged for the rest of your life. Keep your head high and let a reverse mortgage loan put an end to all your financial worries that may arise post retirement. It will not only let you continue with life as before but also keep your self respect intact by letting you stay and own your property till the very end of your life.

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