Seniors Considering a Reverse Mortgage Turn to Reverse My Mortgage to Learn About Reverse Mortgage Pros and Cons
This year, several seniors are looking into reverse mortgages on their home. A reverse mortgage allows seniors to convert their home equity into cash without having to sell their home or pay addition
(prHWY.com) August 30, 2012 - Utah, UT -- This year, several seniors are looking into reverse mortgages on their home. A reverse mortgage allows seniors to convert their home equity into cash without having to sell their home or pay additional housing bills. Before making this financial decision, an individual can research the pros and cons of a reverse mortgage to determine whether this type of mortgage is the right decision for them. One company, Reverse My Mortgage, offers a mortgage calculator that determines an individual's eligibility for a reverse mortgage. Seniors who are still unsure about their mortgage loan decision can discuss the different factors to consider with a Reverse my Mortgage representative.
Discovering the Benefits of a Reverse Mortgage
There are three different types of reverse mortgages individuals have the opportunity to choose from, single purpose mortgages, HECMs, and proprietary reverse mortgages. Single purpose mortgages are the least expensive and the homeowner can only use the loan for a single purpose specified by the government or loan office. HECM's and proprietary expenses are more expensive than single purpose loans but can be used in a variety of ways and have few medical or financial prerequisites. Several individuals who have used a HECM or proprietary expense loans have used the loan money to pay for a home improvement project, pay off a current mortgage, add to retirement income, or finance healthcare expenses. Reverse mortgage loans are not required to be repaid as long as the recipient of the loan is still alive and living in the same home. Seniors trying to determine whether reverse mortgage pros apply to them can use a mortgage calculator tool which can determine their eligibility based on their age and housing status.
Being Aware of
Reverse Mortgage Pros and Cons
Before deciding to take out a reverse mortgage loan, seniors often consider not only the pros but also the possible cons of taking out a reverse mortgage. According to the Federal Trade Commission, a reverse mortgage loan is likely to change with market conditions and can deprive future heirs of possible assets(Federal Trade Commission). By considering these and other risks of reverse mortgage and by discussing the decision with a professional credit consultant or a Reverse my Mortgage representative, individuals can determine whether a reverse mortgage is the correct decision.
To learn more about
Reverse Mortgage Pros and Cons or to receive a free reverse mortgage guide, contact Reverse my Mortgage at 1-855-473-8377
###