Question:

What is a home keeper mortgage?

Answer:

A home keeper mortgage is a reverse mortgage product offered to seniors by many companies. Although terms may be lender-specific, in general a home keeper mortgage allows to tap the equity of your home and use it either as one time big sum to pay for a medical bill, or education, or go on a vacation; a home keeper mortgage can also be used to supplement your income with regular periodic payments.

In general, the older you are, the greater amount you are eligible to receive. You only have to inhabit your own residence, since with a home keeper you are entitled to remain in ownership while enjoying improved lifestyle. Unlike home equity loans, you are not going to repay the lender while you remain on your property.

Even if the money you receive from the lender throughout your lifetime outnumber what you signed for (and this is possible with a home keeper mortgage), you are not going to become indebted for la arger sum than you already borrowed, nor the lender will force you out of your house, nor any debt will ever be passed down to your heirs.

A home keeper mortgage will be repaid when you sell the house or move out permanently. This loan is usually repaid either by cash, or by transferring the deed of the property over to the lender.

All you have to do with a home keeper mortgage is find the best product that suits you. Always try to negotiate the best deal with the lender and always shop around and collect several quotes.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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