Hey, Your LetmePayday Newsletter For 06 September 2022

This is your Newsletter. [LPB]( [LPL]( [LetmePayday Newsletter]( You Might Like     [Learn more about Jeeng](  [Reverse Mortgages: How They Work And Who They’re Good For]( [Reverse Mortgages: How They Work And Who They’re Good For]( A reverse mortgage is a type of loan that is used by homeowners at least 62 years old who have considerable equity in their homes. By borrowing against their equity, seniors get access to cash to pay for cost-of-living expenses late in life, often after they’ve run out of other savings or sources of income. Using a reverse mortgage, homeowners can get the cash they need at rates starting at less than 3.5% per year. What Is A Reverse Mortgage? Think of a reverse mortgage as a conventional mortgage where the roles are switched. In a conventional mortgage, a person takes out a loan in order to buy a home and then repays the lender over time. In a reverse mortgage, the person already owns the home, and they borrow against it, getting a loan from a lender that they may not necessarily ever repay. In the end, most reverse mortgage loans are not repaid by the borrower. Instead, when the borrower moves or dies, the borrower’s heirs sell the property in order to pay off the loan. The borrower (or their estate) gets any excess proceeds from the sale. Most reverse mortgages are issued through government-insured programs that have strict rules and lending standards. There are also private, or proprietary, reverse mortgages, which are issued by private non-bank lenders, but those are less regulated and have an increased likelihood of being scams. [[icon] Read MoreÂ](  [Online Personal Loans up to $50,000](   [[Video] U.S. economy ‘already suffering the consequences’ of inflation: Strategist](  [[Video] U.S. economy ‘already suffering the consequences’ of inflation: Strategist](  [[icon] Watch HereÂ](  You Might Like     [Learn more about Jeeng]( Connect with LetmePayday on Social Media Pages [Facebook]( [Linkedin](    [Unsubscribe](