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Where can one read about the pros and cons of a reverse mortgage?
Wiki User
∙ 10y ago
One can read about the pros and cons of a reverse mortgage on real estate or banking websites. They offer information about the pros and cons of a reverse mortgage before the reader decides to register for a mortgage.
Wiki User
∙ 10y ago
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.
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What does Reverse mortgage depend on?
A reverse mortgage allows a senior home owner to convert their home equity to cash. These loans may be availed by senior home owners having equity in their homes. If an individual is a senior citizen and does not intend on moving out of his or her home for some time, a reversed mortgage may be an option worth considering. Repayment of the loan needs to be made if either the home is sold or the borrower dies. If the former occurs, the borrower or their heirs will need to repay the amount of the loan along with the associated interest and fees from the sales proceeds. The amount of money that the individual can borrow from a reverse mortgage depends on a number of factors Read More : http://www.housingnewslive.com/reverse-mortgage.php
How do you get best deals on reverse mortgage plans?
Reverse mortgage loan limits were recently increased from $417,000 to $625,500 under the Obama Administration. However, despite this, homeowners applying for reverse mortgage programs are still receiving much less money than the estimated amount due to the sharp declines in property values across the nation. Repayment of the loan needs to be made if either the home is sold or the borrower dies. If the former occurs, the borrower or their heirs will need to repay the amount of the loan along with the associated interest and fees from the sales proceeds. The amount of money that the individual can borrow from a reverse mortgage depends on the following: the individual's age the equity of their home the valuation of their home the interest rate Read more http://www.housingnewslive.com/reverse-mortgage.php
