Reverse mortgages – What are they

If you are thinking about your retirement before the age of 65, you may want to look for a reverse mortgage lender that can help you. A reverse mortgage lender can help those over the age of 62 use the equity in their home for many retirement and health needs that people have when they are older. Most reverse mortgage lenders do not require you to pay back what you have borrowed when you are still in your home, which in turn will lower your cost of living and help you use what you have invested in all your life, to the benefits of your retirement.

There are many private reverse mortgage lenders that will be able to help you with the right investment in your retirement. Reverse mortgage lenders are not like your average loan companies and will help you to be able to invest in your future and retirement.

Reverse mortgage have become quiet popular over the past several years. Reverse mortgages are especially targeted to senior homeowners interested in converting some of the equity in their home into cash. However, a reverse mortgage can be tricky, and confusing to seniors. The most asked reverse mortgage questions are:
** Will a reverse mortgage still allow me 100% homeownership?
** Is a reverse mortgage a lien on my home?
** Does my home have to be lien free to get a reverse mortgage?
** Can I use the reverse mortgage cash to pay off debts?
** Do I still make mortgage payments on a reverse mortgage?
** What’s the age qualification for a reverse mortgage?
** On a reverse mortgage loan, who pays property taxes?
** Do reverse mortgages have to be repaid?
** Do reverse mortgages have a maturity date?
** What are reverse mortgage fees?
** Does a reverse mortgage require counseling?
** Who’s got the best reverse mortgage loan?

The reverse mortgage pros and cons are numerous on both sides of the scale. If you are thinking of the reverse mortgage pros and cons and what you should do, then you may want to do a little research on the subject, as you may find the the pros will out weigh the cons. With reverse mortgage there are many benefits for a person that is over the age of 62 and not just to use it for emergencies, it can be used for other things as well, such as an extra salary during hard times in early retirement. The reverse mortgage pros and cons are many, but it is something that has many benefits to seniors who are struggling with their retirement in a deep recession. With the reverse mortgage pros and cons, a person that is in retirement, may be persuaded to invest in other investments, but it is not a wise idea.

There are several pros and cons of reverse mortgages. The first pro of reverse mortgages is the money that a person receives from the reverse mortgages is not going to affect their SSI. The second pro of reverse mortgages is that a person is not going to have to pay taxes on the reverse mortgages loan. The third pro of reverse mortgages is the reverse mortgages is going to allow the homeowner to keep the title of their home.

The first con of reverse mortgages is that a person must be 62 years old to qualify for the reverse mortgages. The second con of reverse mortgages is there is going to be a large amount of interest charged on the reverse mortgages. The third con of reverse mortgages is that a person who has the reverse mortgages might not be able to be eligible for Medicaid. The fourth con of reverse mortgages is that a person is going to have fewer assets with the reverse mortgages.

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