If you learned about reverse mortgage pros and cons in the past and had decided against the idea, know that there have been some reforms in the past few years that make the upsides stronger. Here’s a.
A reverse mortgage is a loan for senior homeowners that allows borrowers to access a portion of the home’s equity and uses the home as collateral. The loan generally does not have to be repaid until the last borrower no longer occupies the home as their primary residence. 1 At that time, the estate has approximately 6 months to repay the balance of the reverse mortgage or sell the home to.
The Las Vegas Sun recently had an article about the pros and cons of reverse mortgages. Even the Huffington Post is telling. Assurance is also seeking LOs in CO, AZ, NM, LA, TX, MS, AL, TN, OH, FL,
The money is tax free. Rather than income earned, a reverse mortgage is considered a loan so the IRS can’t get its sticky fingers on it. And a reverse mortgage will not affect your Social Security or Medicare payments. As for the cons, failing to keep up with the monthly fees has cost a lot of people their homes.
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Pros and cons of reverse mortgages for seniors Reverse mortgages remain a popular lure for cash-strapped seniors, but what’s good in theory is often abysmal in execution. A reverse mortgage allows someone who is ‘house rich and cash poor’ to get a payment from their lender in exchange for the bank getting the equity in the house over time.
Cons of Reverse Mortgages You may outlive your income – You’ll want to create a realistic financial plan. I’ve seen some older adults plan their future based on extremely risky investments or business ventures in conjunction with their reverse mortgage.
Reverse Mortgage Cons. The fees on a reverse mortgage are the same as a traditional FHA mortgage but are higher than a conventional mortgage because of the insurance cost. The largest costs are: fha mortgage insurance; Origination fee; The loan balance gets larger over time and the value of the estate/inheritance may decrease over time.