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reverse mortgage

A reverse mortgage is a loan against the equity in the home that provides tax-free cash advances, but requires no payments during the term of the loan. Since there are no monthly payments during the life of the loan, the balance grows larger and the equity gets smaller.The loan is not due and payable until the borrower no longer occupies the home as a principal residence, e.g. the last surviving borrower sells, moves out permanently or passes away.You must be at least 62 and own your own home or... : reverse mortgage

adjustable-rate mortgages

With adjustable-rate mortgages the interest rate is linked to current market rates and fluctuates with economic changes. When interest rates go down, so do your mortgage payments. When rates go up, your mortgage payments increase accordingly. ARM interest rates are usually set lower than those found in fixed-rate mortgage, at least at the beginning of the term. This means that a homebuyer opting for an ARM will be able to qualify for a larger loan since they are paying less in... : adjustable-rate mortgages

Length of Second Mortgage

Some second mortgage loans may extend for as long as 15 or 20 years; others may require repayment in one year. You will need to discuss the repayment terms with the individual mortgage company and select one that offers terms that best suit your needs. For example, if you need to borrow $20,000 to make repairs on your home, you may not want a loan that requires you to repay the entire amount in one or... : Length of Second Mortgage

What is the difference between term and permanent life insurance?

Term insurance provides you with coverage for a specific period of time. It pays a benefit only if you die during that term. Some term insurance policies can be renewed at the end of the period. Others give you the ability to reenter. Premium rates will increase at each renewal date or each reentry. Many policies require you to provide evidence of insurability at reentry in order to qualify for the lowest available rates. Because term insurance premiums ... : What is the difference between term and permanent life insurance?
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