Posted by PAW/FL on July 14, 2008, 8:08 am, in reply to "Re: Mixed messages.... late reporting??? Who knows" This post is strictly the opinion of the author and may not reflect the opinion of the management nor of any other user of this forum.
97.97.57.97
A forward mortgage is where you get money secured by property, and make monthly payments to pay it back. It is a common or standard mortgage that 99% of people get when financing property.
A reverse mortgage is where the "borrower" gets money paid to them based on the equity in the property. The loan becomes due when the borrowers no longer occupy the property and no monthly payments are required.
These are very simplified definitions, hopefully providing enough information that you understand the two types of mortgages.
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I am not an attorney licensed to practice law in the State of Florida,
and I may not give legal advice or accept fees for legal advice.
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