I know that it is a way for people who have built equity in their home when it is paid off to get money for living expenses etc. Like for elderly people with medical bills etc. If they have no other income and need the money. It is like taking out another mortgage again, because then the home isn't really paid off any more. When they decide to sell the home, money will be owed on it again.
No, the money is considered borrowed funds, so no income tax is due on the funds. Liberty-ReverseMortgage.com specializes in Reverse Mortgage Loans. If you are looking for any How Reverse Mortgage works, its pros and cons or guidelines, call (888) 202-4479
The pros of refinancing a mortgage versus choosing a home equity loan is that one does not need to pay that much interest. The cons is that it is not that easy to refinance a mortgage.
The best place to find information about a reverse mortage is from a group or site which is not directly involved in supplying reverse mortgages since they will explain both the pros and cons of such a mortgage. The AARP has some excellent information, as does the Federal Trade Commission.
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Pros:No payments on the mortgage as long as you live in the home.Proceeds from the reverse mortgage is not subject to income tax.Non recourse loan, meaning that the lenders collection efforts are limited to only the home, not personal assets or credit.Flexibility in how you get the money and how you spend it.refinance, sell the home or move any time you want.No impact on Social Security or Medicare benefits.Cons:Closing costs are a little higher than conventional loans.Reduced Equity in the home.Can affect medicare benefits.
You can read about the pros and cons of a reverse mortgage from reputable sources such as government agencies like the Consumer Financial Protection Bureau (CFPB), financial websites like Investopedia, and resources provided by organizations specializing in housing and elder care, like AARP. These sources typically provide balanced information to help you make an informed decision.
There are several sources you can go to for information on the pros and cons of reverse mortgages. Time Magazine has written an article on this, and so has a site called, credit.com.
Go to www.floridareversemortgage.com. This site explains both the pros and cons of a reverse mortgage and exactly what it is. This site also has a calculator and assistance number you can call.
There seem to be more pros or cons to a reverse mortgage, which is what this refers to. Basically, it lets you remain in your home while paying off your mortgage so you have no more monthly bill, Plus, your heirs still get to inherit your house and there are tax breaks. Cons - some fees and it could impact your ability to qualify for govt. assistance although not your SS or Medicare eligibility.
No, the money is considered borrowed funds, so no income tax is due on the funds. Liberty-ReverseMortgage.com specializes in Reverse Mortgage Loans. If you are looking for any How Reverse Mortgage works, its pros and cons or guidelines, call (888) 202-4479
Please go to your bank and see if they can help you. You have an established relationship with them and that is the best place to start your search. If they don't provide a reverse mortgage product they should direct you to someone who can. Before you do so, make sure you educate yourself on the pros and cons of reverse mortgage.
The pros of refinancing a mortgage versus choosing a home equity loan is that one does not need to pay that much interest. The cons is that it is not that easy to refinance a mortgage.
You can find out more about reverse mortgages by contacting a mortgage broker, or by visiting the library. However, here is a little bit of imformation I have found for you concerning "reverse mortgages". First off, you should know that you must be 62 years of age to qualify for a reverse mortgage. You also need to already own your home outright -- no more mortgage payments!
Telemarketed mortgage leads have many pros, especially around providing specific targets, or "warm leads". However the cons are multitude, cold calling has got a bad name and many people are very "anti".
The best place to find information about a reverse mortage is from a group or site which is not directly involved in supplying reverse mortgages since they will explain both the pros and cons of such a mortgage. The AARP has some excellent information, as does the Federal Trade Commission.
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