reverse mortgage good idea
Most of us have seen those convincing TV commercials starring handsome maturing actors whose former fame is meant to make seniors feel.
A reverse mortgage can be a good idea in retirement for homeowners who: Can afford to maintain their homes in good condition. Have enough income or assets to pay their homeowner’s insurance premiums and property taxes on time – failing to pay these non-mortgage recurring costs can lead to foreclosure.
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It is generally not a good idea take out a reverse mortgage if the homeowners are on solid financial footing. While the temptation to receive the money may be strong, in the long run the homeowners would be better served by using other financial vehicles for income due to the interest costs associated with a reverse mortgage
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A reverse mortgage is exactly what it sounds like. With a forward (i.e., regular) mortgage, you start with a principal balance and make payments until the loan is paid off and you own your home outright. With a reverse mortgage, the lender makes payments to you.
If the answers to these questions are a solid, "yes," then the answer to the question "Is a reverse mortgage good for me?" may also be a "yes." Reverse mortgages can be used to pay off existing mortgages, and once you do this, you will have no monthly mortgage payment because loan payment is deferred to when it matures.
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In order to determine whether or not a reverse mortgage is a good idea for your specific situation, it is important to understand reverse mortgage benefits and learn everything that you can pertaining to the truth about reverse mortgages. Then, with your newfound knowledge, you can compare the best options.
A reverse mortgage is also not a good idea for older homeowners unless there is nowhere else to obtain needed cash. "Remember, the person or company lending you the money will benefit financially,".
A Reverse Mortgage Is A Loan Against Your Home That Requires No Repayment For As Long As You Live There. Learn More About How It Works and What It.