A reverse mortgage may be a good option for people who own their own home and have few if any other savings to tap or for those simply looking to get some additional cash for expenses. But it is important to consider your individual situation carefully and to understand the pros and cons of a reverse mortgage.
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Do the pros outweigh the cons? Get unbiased info on disadvantages advantages and – details on fees, interest rates, loan amounts and more.
Pros of Reverse Mortgages. Allows the homeowner to stay in the home. 1 Can pay off existing mortgages on the home. No monthly mortgage payments are required, however the homeowner must live in the home as their primary residence, continue to pay required property taxes, homeowners insurance and maintain the home according to Federal Housing Administration requirements.
The above information represents the real and true pros and cons of a reverse mortgage – if you have any other questions or concerns then feel free to leave a comment below and we’ll respond in due course.
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Cons of reverse mortgages. reverse mortgages are not well understood by many people *You must live in the home as your primary residence, continue to pay required property taxes, homeowners insurance and maintain the home according to Federal Housing Administration requirements. Failure to meet these requirements can trigger a loan default that may result in foreclosure.
In The reverse mortgage trend, reporter Jeff Yastine covers why the drop in the stock market has seniors weighing the pros and cons of reverse mortgages more. But that’s not a problem. B. GOLDSTEIN.
Pros and Cons of Reverse Mortgages Over the last decade, reverse mortgages have been aggressively pitched in TV ads as an easy way for seniors to cash in their home equity to pay for living expenses. However, for many, improper use of the product — such as pulling all their cash out at one time — has led to significant financial problems.
Pros of Reverse Mortgages Access home equity. You are able to access your home equity, likely a substantial portion. Remain in your home. As long as you keep your loan in good standing, Defer payments. You can defer payments until you leave the home or pass away. Flexibility. The Home Equity.