Reverse Mortgages Get The Money You Need Part 1 Of 4

Reverse Mortgages Get The Money You Need Part 1 Of 4



Reverse Mortgages - Get the​ Money you​ Need - Part 1 Of 4
Reverse Mortgages are loans that allow you​ to​ borrow back the​ equity in​ your home .​
Just as​ you​ once paid the​ bank,​ the​ bank now pays you​ .​
Isn't that a​ nice change?
If you​ are 62 years of​ age or​ older,​ they are a​ way to​ borrow against the​ equity in​ your home (the value of​ your home minus any mortgage debt you​ now have) to​ provide you​ with tax-free income .​
Seniors struggling because of​ falling retirement account balances and increases in​ the​ cost of​ medical care are looking for new sources of​ cash to​ maintain their standard of​ living.
The amount you​ can borrow depends on​ your age,​ the​ value of​ your home and interest rates.
Fortunately,​ you​ continue to​ own and live in​ the​ home for the​ life of​ the​ loan .​
There are no loan payments until you​ sell the​ house,​ die or​ move out for a​ period of​ a​ year or​ longer.
You can get the​ money as​ a​ line of​ credit,​ a​ monthly payment,​ a​ lump sum,​ or​ a​ combination of​ all of​ these .​
a​ monthly payment is​ a​ guaranteed of​ income for as​ long as​ you​ live in​ your residence,​ whereas; a​ lump sum could be used as​ you​ wish,​ such as​ to​ purchase an​ annuity that could provide you​ with a​ life long income .​
With a​ line of​ credit,​ you​ don't have to​ pay interest on​ money you​ haven't withdrawn and your money will earn interest while it's waiting to​ be used by you.
A Reverse Mortgage might be worth considering if:
-You plan to​ stay in​ your home.
-You want to​ enhance your lifestyle and enjoy your golden years.
-You want funds for major expenses such as​ medical bills,​ or​ for major home repairs.
-You need additional income to​ live on​ and your only significant asset is​ your home.
-You want the​ peace-of-mind that comes from knowing your financial needs are taken care of.
-You own your home free and clear,​ or​ you​ have a​ small first mortgage.
-You don't plan to​ leave your home to​ your heirs.
What are some of​ the​ potential advantages of​ Reverse Mortgages?
-It can help you​ maintain your financial independence or​ improve your quality of​ life.
-You can stay in​ your home and keep title to​ the​ property.
-The money you​ receive is​ tax-free and is​ not usually considered income.
-You make no payments until the​ loan ends or​ the​ house is​ sold.
-Your income is​ not a​ consideration in​ obtaining the​ loan since there are no payments until the​ loan ends.
-You cannot owe more than the​ value of​ the​ home at​ the​ end of​ the​ loan.
If you're a​ senior,​ I​ hope you​ can see the​ benefits of​ taking advantage of​ this income source,​ if​ you​ need it.
This is​ a​ four part series,​ one each week right here,​ same location .​
In Part 2 next week,​ we'll explore much more,​ including the​ drawbacks of​ a​ reverse mortgage and what types are available.




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