Looking into a reverse mortgage and have some unanswered questions?. there are several reasons borrowers choose a reverse mortgage – these.. time to look at all of their options and speak with different lenders before.
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The New Reverse Mortgage is a versatile retirement funding tool that can be utilized in many ways. Here are just some of them: Pay off your forward mortgage to reduce your monthly expenses. Re-model your home to accommodate aging limitations. Maintain a line of credit (that grows) for health emergencies and surprises.
You could also take out a larger reverse mortgage and use part of it to pay off your current home loan and take the rest as a lump sum, line of credit or tenure payments, as suits your needs. This is actually one of the most popular uses for a reverse mortgage, as it allows seniors with limited incomes to escape the burden of monthly mortgage payments while still enjoying the use of their home.
A reverse mortgage is a mortgage that borrows against the equity in your home. For example, if you have fifty percent of your home’s value in equity, you may take out a reverse mortgage in order to receive monthly payments out of this equity. The money taken out in a reverse loan does not have to be repaid until either the homeowner passes.