A loan requires a guarantor and is collateralized by an item of property which is known as lien. The term lien generally encompasses all types of mortgage forms, and in case the borrower is not able to repay the loan, the lien that is used as collateral then becomes the property of the lien holder. […]

A loan requires a guarantor and is collateralized by an item of property which is known as lien. The term lien generally encompasses all types of mortgage forms, and in case the borrower is not able to repay the loan, the lien that is used as collateral then becomes the property of the lien holder. We understand that it is not easy to get a loan approved when you also need to save some extra dollars and having so many banks and loan plans to choose from can easily misguide a person if he or she is new into the financial world. Not knowing about any part of the loan can lead to wastage of resources and money. Introduced on February 5, 1988 by President Ronald Reagan as a part of Housing and Community Development Act of 1987, reverse mortgage is a type of home loan and to avail the benefits of reverse mortgage the borrower need to be of at least 62 years old and their own home should be their foremost residence, and after some amendments were some made, the act also gave protection to spouses who have not completed the age of 62 years, and in case the older spouse dies, the younger one was still needed to repay the loan and if is unable to repay, he or she was required to ...