Reverse Mortgages (186)
A reverse mortgage is using the equity in the home, to be converted into cash, that can be used to pay off monthly bills, home repairs or downsizing to a smaller home.
Check to see if you are even eligible for this type of loan first, by speaking with a reverse mortgage counselor.
Speak to may reverse mortgage counselors to get the all the details on interest rates, costs, and benefits, and more in writing.
The Pros and Cons of Reverse Mortgages
Pros
- Receive money from the lender
- Can be used for anything (depending on loan)
- Non-taxable
- Retains title of home
- 3 Business Days to cancel contract (in writing)
Cons
- High loan and other fees
- Higher interest rates
- Heirs may not get the house if they cannot pay off the reverse mortgage loan
- Repaying the loan when you move out
- Still responsible for insurance, maintenance, fuel, taxes, and other home costs
There are three types of Reverse Mortgages
- Single-purpose
- Federally insured
- Proprietary reverse mortgages
Please use common sense when deciding on a reverse mortgage..
A reverse mortgage is using the equity in the home, to be converted into cash, that can be used to pay off monthly bills, home repairs or downsizing to a smaller home.
Check to see if you are even eligible for this type of loan first, by speaking with a reverse mortgage counselor.
Speak to may reverse mortgage counselors to get the all the details on interest rates, costs, and benefits, and more in writing.
The Pros and Cons of Reverse Mortgages
Pros
- Receive money from the lender
- Can be used for anything (depending on loan)
- Non-taxable
- Retains title of home
- 3 Business Days to cancel contract (in writing)
Cons
- High loan and other fees
- Higher interest rates
- Heirs may not get the house if they cannot pay off the reverse mortgage loan
- Repaying the loan when you move out
- Still responsible for insurance, maintenance, fuel, taxes, and other home costs
There are three types of Reverse Mortgages
- Single-purpose
- Federally insured
- Proprietary reverse mortgages
Please use common sense when deciding on a reverse mortgage..