are reverse mortgages a good deal
"A reverse mortgage allows homeowners, age 62 or older, who either own their own property or have a small mortgage balance, to use the equity in their home as the basis for a new loan.
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Reverse mortgage lenders market to consumers in a variety of channels such as TV, internet, direct mail and through financial planning communities. Choose your lender based on their independent reviews and best offer as lending institutions set their own interest rates and fees.
A reverse mortgage isn’t a good option if you can’t keep up with the costs associated with the home, even without a monthly mortgage payment.
There are six situations when a reverse mortgage should not be used. Short-term needs. If you only need the money for a short period of time and then can repay the full balance, a reverse mortgage is not a good fit. The minimum recommended amount of time is five years.
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Then the next thing that you would have to do, would be to complete your counseling if you have not already done so. The counseling allows us to begin some processing on your behalf. We don’t have to order an appraisal yet so there won’t be any large costs at this point, but we do need to take a loan application and run credit to see if there is anything that would require a life.
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Like all reverse mortgages, proprietary alternatives should only be considered after discussions with an experienced financial counselor to make certain you’re getting a good deal. Bottom line:.
Best Answer: Reverse mortgages are good thing not a bad thing. AARP, The National Council On Aging, etc., lobbied for a government sponsored reverse mortgage program. Reverse mortgages help many seniors stay in their homes by giving them monthly income, paying for home health care, paying for home.
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Don’t do it. One Reverse Mortgage is the WORST company to deal with. After spending months jumping through hoops got my grandmother who was in hospice, they never finalized my loan and we had already.
A reverse mortgage may be a good option for you, but you need to do your homework. Learn the facts. Good online resources are www.reversemortgage.org, www.hud.gov, and https://www.consumer.ftc.gov/articles/0192-reverse-mortgages.