A reverse mortgage can be a good idea in retirement for homeowners who: Can afford to maintain their homes in good condition. Have enough income or assets to pay their homeowner’s insurance premiums and property taxes on time – failing to pay these non-mortgage recurring costs can lead to foreclosure.
– Quora – Reverse Mortgage can be a good idea if you keep the emotions aside and look at it purely from a financial perspective. Now, deciding whether or not a Reverse Mortgage is a good idea will depend on your specific circumstance.
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Negative aspects of reverse mortgages. Among the negatives of a reverse mortgage are the costs involved. All mortgages have costs, but reverse mortgage fees, which can include the interest rate, loan origination fee, mortgage insurance fee, appraisal fee, title insurance fees, and various other closing costs, are extremely high when compared.
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FINRA advises potential borrowers who are seeking both government-insured and non-FHA reverse mortgages that, “it is a good idea to get advice from a trusted financial adviser who has no interest in.
A reverse mortgage is also not a good idea for older homeowners unless there is nowhere else to obtain needed cash. "Remember, the person or company lending you the money will benefit financially," he.
A reverse mortgage could be good idea if you’re "house rich but cash poor"-in other words, you own your home outright (or have paid off the bulk of your mortgage), but don’t have much cash-flow If you have a significant amount of home equity, but not a whole lot of ready cash in your bank account, it could make sense to utilize your available.
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Refinancing might be a good idea if it lowers your monthly payment. MORE: Browse the best mortgage refinance lenders 9. What is a reverse mortgage and how does it work? Reverse mortgages are a way.
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