Reverse Mortgages – Pros and Cons

Foguth says there are several pros and cons to getting a reverse mortgage. "One reason why you would not want a reverse mortgage is that the interest you aren’t paying compounds against you," he.

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What is a Reverse Mortgage? A reverse mortgage is a loan for seniors age 62 and older. HECM reverse mortgage loans are insured by the Federal Housing Administration (FHA) 1 and allow homeowners to convert their home equity into cash with no monthly mortgage payments. 2 After obtaining a reverse mortgage, borrowers must continue to pay property taxes and insurance and maintain the home.

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Reverse Mortgage Pros and Cons for Homeowners. No two retirements are the same, which is why a reverse mortgage may be ideal for some and not as advantageous for others. As you continue to explore your retirement options, add this list of reverse mortgage pros and cons for homeowners to assist you in deciding whether a reverse mortgage can help you achieve a better retirement-try to.

Reverse mortgages can use up the equity in your home, which means fewer assets for you and your heirs. Most reverse mortgages have something called a "non-recourse" clause. This means that you, or your estate, can’t owe more than the value of your home when the loan becomes due and the home is sold.

Educating yourself on the details of reverse mortgage loans, and their pros and cons is the first step to determining if this loan is a good fit for your needs.

"My parents are considering a reverse mortgage.. After weighing the pros and cons, Ann's dad decided the price of a reverse mortgage was.

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Selling a Home That Has a Reverse Mortgage Before deciding whether or not to obtain a Reverse mortgage senior homeowners should analyze the pros and cons of the Reverse Mortgage loan program.

In a rare assembly of reverse mortgage stakeholders, housing experts and members of Congress, a hearing convened Wednesday before the The U.S. House of Representatives Financial Services Subcommittee.

"There is no silver bullet, because each option has its own pros and cons. as restrictions on reverse mortgages. * Cons – Monthly payments, paying interest on some funds prior to needing the money.

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