by  Victoria Ring---Bio

What is a Reverse Mortgage?  It is a mortgage designed for people over the age of 62.  The equity they have in their home can be converted to cash, which is used for debt consolidation, long-term medical care or anything else they want to use the money for.  But the great thing about the Reverse Mortgage is that no payments are made by the homeowner.  The money they receive is theirs do to with however they see fit.

You may be asking, "Then how does the mortgage company make their money?"  All Reverse Mortgages are due and payable when the last surviving borrower dies, sells the home, or permanently moves out of the home.  Also, if the homeowner fails to maintain the property, pay their property taxes or keep the home insured, the Reverse Mortgage becomes due and payable.  To find out more click here.

It is important that you familiarize yourself with Reverse Mortgages because they are becoming very popular with the Baby Boomers, who are in this 62 or over group. Knowing how to do them will not only provide you with a highly marketable skill but with your knowledge you will be able to tap into more opportunities working directly for mortgage companies.

To get started, begin at http://www.aarp.org/revmort/ There you will find 30 pages of  independent consumer information provided in a recommended order. By clicking "Next Page" at the bottom of each page you can work your way through a basic primer on reverse mortgages without spending a dime.

Also, the actor Robert Wagner has made a video about Reverse Mortgages that is  being advertised on television.  Although I am sure the video is a "sales pitch" for a particular lender the video is free and will provide you with even more information about Reverse Mortgages. To get your free video, call 1-800-913-3103.