Do you know what an AARP Reverse Mortgage is? Why is it different from other loans? These are questions people ask all the time. This loan is for older citizens that help them to borrow money while allowing them to keep their house.
An AARP reverse mortgage is actually a loan against a property that one does not have to pay back as long as he or she is staying in it. In fact, with AARP reverse mortgage, an elderly person can turn the value of his or her home into cash without having to move or to repay the loan each month. The cash that one gets from a AARP reverse mortgage can be paid to the debtor in various ways, such as in a single lump sum of cash; as a regular monthly cash advance; as a credit line account. This helps one to decide when and how much of available cash is paid to him or her; or even in a combination of all these paying methods. The benefit involved in AARP reverse mortgage is of high stake as it allows members and customers to pay them in easiest of ways unlike other loans providers and creditors in the market.
You can only get a reverse mortgage at the age of 62 through AARP. The loan is a hassel to get and requires tons of paper work. But AARP helps you with that.
Along with this, the AARP provides AARP Life Insurance which could help pay for that time that comes for all of us. That along with a reverse mortgage may be a good combination. But please be sure to consult a professional planner before making any decisions.
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