The Pros and Cons of a reverse mortgage january 23, 2017 by lucy lazarony leave a Comment With a reverse mortgage, a senior homeowner can withdraw a large chunk of the equity in their home for cash, spend it how they wish and wait to pay it back.
An extensive guide to the pros and cons of reverse mortgages and alternatives. Learn how they work, how much they cost, and if they are right.
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The reverse mortgage is a relatively new loan product, compared to conventional loans and FHA loans that have been around for many decades. Since it is so different from a normal mortgage, it went through a few changes to reach its current incarnation. This article hopes to explain the pros and cons of a reverse mortgage and help people make a wise decision for their needs.
Dear Mary: My husband talks of a reverse mortgage and thinks it’s what we should do. He is 63 and on Social Security disability. I am 55 and work full time. I value your opinion. What do you advise? -.
According to recent research data, despite some of today’s reverse mortgage efforts targeted toward a population that is using home equity as a comprehensive planning tool, the borrower demographic of.
Talk with your children; discuss the pros and cons with your financial and legal advisers. Once you decide this is what you want, make sure you work with a certified reverse mortgage professional..
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The new jumbo reverse mortgage is a better loan than what was available in 2017. It allows those with a primary residence valued at $800000.
About the Author: The above Real Estate information on the pros and cons of a reverse mortgage was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at [email protected] or by phone at 508-625-0191. Bill has helped people move in and out of many Metrowest towns for the last 29+ Years.
Reverse mortgage pros Why would you get a reverse mortgage? Primarily for money. Primarily for money. A reverse mortgage gives you an income stream that can be very welcome in retirement, or a.