There are many benefits of a Brookings reverse mortgage loans. The most obvious one is that it allows you to borrow against the equity of your house. This equity will be returned to you in installments, usually at a rate that is slightly higher than the market interest rate. In some cases this loan can even save you the foreclosure process.
For anyone considering this loan there are several things to consider. The first thing to consider is whether or not you will qualify for the reverse mortgage loans. These loans are offered only to senior citizens who are 62 years of age or over. You need to have a very good income and also have had a long period of time on the job. If you are in good health and own your own home, you may qualify for an equity loan, but you should get several offers before accepting any of them.
Be sure to look carefully at all of the terms and conditions in the loan before you sign. If you do everything right, you could easily end up with a great loan that will give you equity in your home without having to sell it.