After a lifetime of hard work, most seniors want to relax and enjoy their retirement. A dream vacation is the perfect way to start the retirement years. In today’s economy, many seniors cannot imagine that they would ever be able to afford that long-desired dream vacation. However, many seniors have not considered the benefits of a Home Equity Conversion Mortgage, also known as a reverse mortgage. A reverse mortgage allows seniors to access the equity in their property.
Often seniors are confused about reverse mortgages. Many believe that the house belongs to the bank once a reverse mortgage is closed. This is not accurate. A homeowner has title to the property the same as with a traditional mortgage. Seniors have several options to consider once obtaining a reverse mortgage.
First, the senior has the option of doing nothing other than maintaining the property and keeping the real estate taxes and hazard insurance current. Because there are no monthly mortgage payments with a reverse mortgage, the senior’s monthly expenses are not increased. For seniors with a monthly mortgage payment, a reverse mortgage eliminates those payments.
The reverse mortgage does not require repayment until the last surviving senior homeowner dies. At that point, the heirs could repay the mortgage by selling the property—keeping any profit after repayment of the reverse mortgage—or by obtaining a traditional mortgage. If the heirs choose not to do so, they can simply walk away from the property, but they are never obligated to repay the reverse mortgage.
Second, the senior can always sell the property to someone else and pay off the reverse mortgage. Having a reverse mortgage does not prevent a homeowner from selling the property, as some mistakenly believe. The homeowner retains title to the property, so the bank cannot prevent the sale of the property.
A third option available to senior homeowners with a reverse mortgage is refinancing the property. If the homeowner decides not to continue with the reverse mortgage, the homeowner can refinance the property by obtaining a traditional mortgage.
Seniors can take advantage of this unique mortgage product and start packing for that long-deserved dream vacation.
One can purchase a dream vacation through a number of travel companies online. They can be purchased through Expedia, tripadvisor, Dream Vacation Club and Our Dream Vacations.
My dream vacation would have to be travel around the world on a cruise or something. Press improve your answer to add your dream vacation!! Or you can just discuss it. Probably a month in Italy.
France.
No
Dream Vacation - 2011 was released on: USA: October 2011 (Frederick 72-Hour Film Festival)
Taking the family on a Disney vacation is often too pricey to pull off. With cheap Disney vacation packages, the dream can become a reality without taking out an extra mortgage on the house. The kids will be forever enchanted after such a treat. Truly a once in a lifetime opportunity.
The cast of Dream Vacation - 2011 includes: Rona Machida as Her Kimiya Tadokoro as Him Takuma Utoo as Waiter.
Corbin Bleu's dream vacation would be to Australia. However, he also wants to travel to Italy and Spain.
That you need a vacation.
Babes - 1990 Dream Vacation 1-7 was released on: USA: 1 November 1990
If you have a dream about a holiday in Thailand, you may be stressed. This dream could be showing you that you require a vacation.
yes