Posted by Graccie (mgmiller33) on July 14, 2008, 9:09 am, in reply to "Re: Mixed messages.... late reporting??? Who knows"
209.195.172.69
Thanx, PAW.
I never heard the first type called a forward mortgage before, that's all. It's always just been a "mortgage" to me
--Previous Message--
: 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.
: 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.
:
: Visit us online at
: http://www.PAWnotary.com
:
:
: 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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