A reverse mortgage is a mortgage loan, usually secured over a residential property, that enables the borrower to access the unencumbered value of the property. The loans are typically promoted to older homeowners and typically do not require monthly mortgage payments.
There are six situations when a reverse mortgage should not be used. Short-term needs. If you only need the money for a short period of time and then can repay the full balance, a reverse mortgage is not a good fit. The minimum recommended amount of time is five years.
I am a HUD-certified reverse mortgage counselor. I really enjoyed reading this article. I get tired of reading negative articles about reverse mortgages. I’m not going to say that everyone should get a reverse mortgage, it’s not for everybody, but it is nice to hear someone talk about the good points of a reverse mortgage.
The reverse mortgage industry has been plagued over the years by confusion, rife with reports of predatory lenders preying on the elderly. Today, reputable lending institutions require that borrowers receive counseling about the risks and pitfalls before committing to a reverse mortgage.
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Reverse mortgages can be a good option for many homeowners. They let you borrow based on the equity in your home. Instead of paying the.
A reverse mortgage allows a retired homeowner to tap into the equity of a paid off home. In the right circumstances, a reverse mortgage can be a source of badly-needed cash in an individual’s.
Reverse mortgages benefit the homeowner. If you have equity in your home and you are on a limited budget then a reverse mortgage could free up the additional cash you may need to give yourself an easier lifestyle. It is easy to find out if this situation will work for you. You must be at least.
Reverse mortgages can use up the equity in your home, which means fewer assets for you and your heirs. Most reverse mortgages have something called a "non-recourse" clause. This means that you, or your estate, can’t owe more than the value of your home when the loan becomes due and the home is sold.
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