| the last payment is made, the property changes hands. An alternative scheme involves the bank reselling the property according to an installment plan, at a price bank consolidation debt loan than the original price. reverse mortgage (known as equity withdrawal in the United Kingdom) is a type of loan available to older people, used as a way of converting their home equity (the value of bank consolidation debt loan home, minus the amount of mortgage(s)) into a cash payment (or series of payments) while retaining ownership of the property. To qualify for a reverse mortgage in the United States, the borrower must be at least 62 and be able to bank consolidation debt loan it off an existing mortgage with the proceeds from the reverse mortgage and if needed, additional personal funds. The amount any individual homeowner is eligible for depends on their age and the Federal Housing Administration (FHA) appraised value of the home. The location of the home may also have an impact. Reverse mortgages allow the home owner to continue living in the home, and allows repayment of the bank consolidation debt loan to be deferred until the borrower is no longer living in the home. In |
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