For years, many older Americans who were short on cash turned to reverse mortgages to solve their money troubles — only to find themselves.
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Advantages and Disadvantages of Reverse Mortgages Reverse Mortgages can be a great tool for protecting a senior’s livelihood and helping them stay in their homes as they age. Also, Reverse Mortgages can help senior homeowners pay their day to day living expenses, cover the cost of large expenses, or even help them purchase a new home .
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A reverse mortgage is a mortgage loan, usually secured over a residential property, that enables the borrower to access the unencumbered value of the property. The loans are typically promoted to older homeowners and typically do not require monthly mortgage payments. Borrowers are still responsible for property taxes and homeowner’s insurance.
"For the average reverse mortgage, you’re looking at $10,000 to $20,000 in closing costs," says Daniel Marske, sales manager and home equity conversion mortgage specialist at BBMC Mortgage. "These FHA loans have a one-time, which is 2 percent of your principal limit."
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.
Is a reverse mortgage right for you? It’s important to understand all of the factors involved with taking out one of these loans. Like anything else, there are pros and cons. Let’s weigh the positives and negatives of this unique loan. Want to learn more? Click here to get free information about a reverse mortgage! Pros of Reverse Mortgages
Reverse mortgages may also have a negative impact on a borrower’s ability to qualify for other types of loans. Over time, the accrued interest on reverse mortgages drain any remaining equity in.
The cons of a reverse mortgage. Another drawback is that reverse mortgages stipulate that you must stay in the house for the length of the loan. If you eventually end up moving in with family or to an assisted living facility, the loan becomes due. Unless you have the cash on hand to repay the loan, this will result in the immediate sale of the home,