0
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.
What else can I help you with?
Is the payment you receive from a reverse mortgage taxable?
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
What are the pros and cons of refinancing a mortgage versus choosing a home equity loan?
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.
Where can one find information on a reverse 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.
What are the pros and cons for being a architect?
what are the pros and cons of being an architect
What are the pros and cons of an interest-only mortgage?
An interest-only mortgage allows lower initial payments but may lead to higher costs in the long run. Pros include lower initial payments and potential tax benefits. Cons include higher overall costs, potential for negative equity, and risk of payment shock when the interest-only period ends.
Where can one read about the pros and cons of a reverse mortgage?
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.
Where can I find information on reverse mortgage pros and cons?
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.
Where can I find information about reverse mortgage fl?
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.
What exactly is a reverse home loan and what are the pros and cons?
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.
Is the payment you receive from a reverse mortgage taxable?
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
Where can I find help for a reverse mortgage quote?
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.
What are the pros and cons of refinancing a mortgage versus choosing a home equity loan?
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.
Where could a person go to find pros and cons for reverse mortgages?
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!
Where can one find information on a reverse 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.
What are the pros and cons of a telemarketed mortgage lead?
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".
Pros and cons of jury selection?
what were the pros and cons for the nulification
What are the pros and cons of decreasing term life insurance?
The pros are that the payout can be customized to a decrasing financial obligation, such as a mortgage. The major con is that the premium doesn't fall as the benefit does.
