Reverse Mortgage

Reverse mortgage. Introduction. Concept Characteristics Interest rates Requirements Taxes and insurance. Concept. A reverse mortgage is also known as home equity conversion mortgage. Characteristics. Monthly payments are. Interests. Fixed or variable. The interest is not due until the loan is due. Requirements. Be at least. Property Taxes Origination Fee Mortgage Insurance Premium Appraisal Fee Closing Costs. Reverse mortgage in Canada. The borrower remains entirely responsible for the property. Reverse mortgage in Spain. Lack of demand. Advantages. No regular payments. Disadvantages. High up-front costs make reverse mortgages expensive. Conclusions and our opinion. Reverse mortgage is a way to ensure financial security at old age. Sources. Thank you for your attention.

Concept; Characteristics; Interest rates; Requirements; Taxes and insurance;.

Comparison between Canada and Spain Advantages and Disadvantages; Our opinion and conclusions.

Monthly payments are nor required; There is a limit on the amount of funds a borrower can access during the first years after closing; Lenders generally charge origination fees and closing costs; The amount a person owes grows over time; May have fixed or variable rates; The borrower remains responsible for property taxes, utilities, insurance, etc.;.

Fixed or variable. Mortgage-interest tax deduction.

Property Taxes Origination Fee Mortgage Insurance Premium Appraisal Fee Closing Costs.