'RAM' Into Your Home's Equity

If you are a senior person, then you probably need to know about reverse annuity mortgages (RAM). These mortgages were created to allow older Americans to tap into the equity of their paid for or nearly paid for home. Homeowners receive a tax-free payment each month, and the mortgage is paid when the home is sold. Bestsyndication.com reports:

The major difference between a RAM and a home equity loan is when the loan balance is due. With a RAM, the mortgage balance is due when you stop living in the residence. You don’t have the monthly payments of an equity loan. With a RAM it is easier to qualify for the mortgage since you don’t have to have income to make monthly payments.

Read more: Reverse Annuity Mortgage – Tapping Into Your Equity