Reverse Mortgage
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Reverse Mortgage

This forum promotes education about the FHA Guaranteed Home Equity Conversion Mortgage (HECM) and other proprietary reverse mortgage products.


INTEREST FREE LOAN

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Reverse Mortgage :: Reverse Mortgage Basic Information :: Tax implications of a Reverse Mortgage

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Post  Lizzy B Tue Feb 05, 2008 9:49 am

Is the loan interest free?

Lizzy B

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Join date : 2008-02-05

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Post  Sun Shine Tue Feb 05, 2008 10:19 am

I've never heard of the federal government giving or getting involved in interest free loans. The bank would have to make money on the money they are giving you and the only way would be by charging you interest.

Sun Shine

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Post  Paul Jamison Tue Feb 05, 2008 10:45 am

How I wish that it were interest free, I'd sign up in a minute.

Paul Jamison

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Join date : 2008-01-28

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Post  Lizzy B Thu Feb 07, 2008 12:20 pm

Reverse mortgage is the same interest as Traditional mortgage there is an interest rate applied and it is paid when the loan becomes due on the reverse mortgage.

Lizzy B

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Reverse Mortgage :: Reverse Mortgage Basic Information :: Tax implications of a Reverse Mortgage

 
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