Reverse mortgages can be a good way to fund your retirement – but usually only in a narrow set of circumstances. Otherwise, they may be an expensive way to borrow money.
Many reverse mortgage borrowers “set-it, and forget it.” They assume that the primary benefit is that they no longer need to pay monthly principal and interest payments. Yes. Monthly principal and interest payments are NOT required. However, this mindset is not always the best financial plann...
Presents information on reverse mortgage which allows homeowners age 62 and over, to remain in their homes while using their equity as they please. Availability of reverse mortgages; Definition of reverse mortgages; Detailed information...
You can always refinance the reverse mortgage into a traditional mortgage. This means you will be back to making monthly mortgage payments as you used to do. However, if you wish to leave the home to your heirs, you will be reducing or eliminating the amount they will owe to keep it. T...
What are good alternatives to a reverse mortgage? Ahome equity loan, ahome equity line of credit (HELOC), or acash-out refinanceoffers much lower fees and competitive rates for those who qualify for them. Selling a car that is no longer needed and taking advantage of local transportation prog...
Thinking of getting a reverse mortgage? Bad idea. Reverse mortgages sound like a good plan—after all, who wouldn’t want a dream retirement funded entirely by their house! But here’s the truth: Reverse mortgages are major rip-offs. And you don’t have to take our word for it, ...
Reverse mortgages are a good idea if you plan on remaining in your house long term and/or do not intend to leave it to your heirs. Also, a reverse mortgage is a good decision if you know you’ll be able to continuously meet the requirements established by the program. Leaving the home...
Is a reverse mortgage a good idea? A reverse mortgage can be a life-changing decision — for better or for worse. If your cash flow has dried up and you have no other way to cover the cost of either major, one-time expenses or minor, daily expenses, a reverse mortgage is an effecti...
A reverse mortgage is a loan based on age, home value, and current interest rates. If you have a lot of equity in your home, this kind of mortgage can provide you with a good amount of money. When you get a reverse mortgage, you can get your money in the form of regular monthly ...
Is a Reverse Mortgage Good for Me? A reverse mortgage can be a godsend for someone struggling to make payments, or perhaps for individuals that are spending more on medical expenses than their mortgage. Reverse mortgages can also be beneficial for those that just want to enjoy life without hav...