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There are six situations when a reverse mortgage should not be used. Short-term needs. If you only need the money for a short period of time and then can repay the full balance, a reverse mortgage is not a good fit. The minimum recommended amount of time is five years.

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Reverse Mortgages: The Good, The Bad And The Misunderstood. Overall, the idea of reversed mortgages is great. It allows seniors to live off of the equity that they have spent their lives paying into. However, in actuality reversed mortgages can be very complicated and can leave seniors will a lot less money.

A reverse mortgage can be a good idea in retirement for homeowners who: Can afford to maintain their homes in good condition. Have enough income or assets to pay their homeowner’s insurance premiums and property taxes on time – failing to pay these non-mortgage recurring costs can lead to foreclosure.

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Top Reasons why a reverse mortgage loan rocks and its a good idea for you. 1.) Ability to access equity without selling your home. 2) Ability to set up a credit line that grows over time.

A reveres mortgage will be a bad idea if you need cash for a short period of time and then repay the full amount,in such case reverse mortgage is a not a good option for you. The Minimum recommended time is for five years.

One of the advantages of getting a reverse mortgage is that you get paid rather than you pay the bank or the mortgage company. After the reverse mortgage receiver dies, the heirs are responsible for paying back the loan. Often it means selling the property. If the home sells for more money than the amount owed on the reverse mortgage, the heirs receive the difference. If the home sells for less, they won’t have to pay a cent.

What Is My House Worth Right Now

If you’ve ever wondered whether a reverse mortgage is for you. That doesn’t necessarily mean reverse mortgages aren’t a good idea. But it’s something I want you to be aware of, so look before you.