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A reverse mortgage may be ideal for you if you wish to age in place and are looking for an extra source of funds. You can use the funds from a reverse mortgage any way you want to, and no payment is due until you move out of the home or fail to meet the loan obligations. 1. You need to consolidate debt.
When is a Reverse Mortgage a Good Thing? reverse mortgages provide a way for long time homeowners to cash in on their equity so that they don’t have to worry about every penny. The term " Reverse Mortgage " has a negative connotation among many senior aged citizens, yet only few truly know what this type of loan offers.
Reverse mortgages can definitely be a ‘good thing’ however it really depends on your personal situation. Many seniors find it beneficial to explore reverse mortgages if they are having trouble keeping up with bills or heath care expenses.
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If you approach a reverse mortgage as if you are selling your house but you get to continue to live there until you need to move into a retirement home or die–then yes it can be a good thing.
Generally speaking, though, a reverse mortgage is a good thing because it provides seniors with a viable long term financial strategy. Whether or not it’s the right thing for you should be carefully weighed with other financial options.
The borrower also has to be qualified for a new reverse mortgage loan. The good news is that the criteria used to qualify borrowers for a reverse mortgage may be the same when refinancing. — Owning.
Here are some things to consider about reverse mortgages: There are fees and other costs . Reverse mortgage lenders generally charge an origination fee and other closing costs, as well as servicing fees over the life of the mortgage.
In describing the scenarios in which the loan must be repaid – either upon the death of the borrower or at the time they move out of the home – a reverse mortgage may not be a good option for. food.