The Truth About Reverse Mortgage Pros And Cons In 1 And Half Minutes

The Truth About Reverse Mortgage Pros And Cons In 1 And Half Minutes. Do not Replace Your Mortgage if you do not want to. Truth In Equity - Equity Optimization.

The Truth About Reverse Mortgage Pros And Cons In 1 And Half Minutes video duration 1 Minute(s) 25 Second(s), published by Being A Realtor on 14 05 2018 - 14:25:25.

Reverse Mortgage Pros and Cons For more details or any kind of mortgage, reverse mortgage and other lander's issue visit
http://www.beingarealtor.com Pros There is a lot of misinformation concerning mortgage payments after Hurrican Irma
This video should help clarify your options
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OK, today we're going to talk about the lies we often tell ourselves – and believe – that keep up shackled to debt
Let's face it: managing finances isn't easy . Do Not Replace Your Mortgage if you do not need to
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Reverse Mortgage Pros and Cons
For more details or any kind of mortgage, reverse mortgage and other lander's issue visit;
http://www.beingarealtor.com
Pros of Reverse Mortgages
Provides flexible disbursement options (i.e. monthly or line of credit)
Homeowner stays in the home without making monthly mortgage payments*
Eliminate any existing mortgage
Heirs are not personally liable if payoff balance exceeds home value
Heirs inherit remaining home equity after paying off the reverse mortgage loan
Proceeds are not considered income or otherwise, though you must continue to pay required property taxes**
Interest rates may be lower than other options
Cons of Reverse Mortgages
Value of estate inheritance may decrease over time as proceeds are spent and interest accrues on the loan balance
Fees are typically higher than with a traditional mortgage, such as the following:
Initial Federal Housing Administration (FHA) mortgage insurance premium of 2% of the home value not to exceed $13,593
Ongoing annual FHA mortgage insurance premiums of .5% of the outstanding mortgage balance
Loan origination fee
Although a reverse mortgage loan generally does not affect eligibility for Social Security and Medicare, needs-based government programs such as Medicaid may be affected**
Reverse mortgages are not well understood by many people
source:
https://reverse.org/reverse-mortgage-pros-and-cons/