The CNN Money Help Desk addressed a viewer question today which asks: What are the pros and cons of acquiring a reverse mortgage? Help Desk expert and Certified Financial Planner Doug Flynn answered.
Reliable information on the pros and cons of the reverse mortgage, It’s hard to pin point it but that’s the case on so many levels. I guess it all depends on the client who is. I agree with Al and Michael that the HELOC is probably the best bet but even then the chances aren’t great for qualification
Housing prices are higher and we are living longer – considering taking equity out of your home? Are you a waiter? A waiter not in the literal sense but in the inheritance sense. If you are, one you.
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.
Reverse Mortgage Cons. Con: A home with a reverse mortgage could go into default As with a traditional mortgage, if you fail to keep up the home, pay your property taxes and homeowners insurance, or fail to comply with your loan terms, your loan could go into default.
· The above information represents the real and true pros and cons of a reverse mortgage – if you have any other questions or concerns then feel free to leave a comment below and we’ll respond in due course. Categories: Reverse Mortgage Reverse Mortgage Canada Reverse Mortgages.
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If you’ve thought about taking a reverse mortgage, be aware that new rules might make it harder for you to qualify Are Reverse Mortgages Helpful or Hazardous? Often considered a loan of last resort for older retirees, reverse mortgages are there for homeowners who worry about outliving their savings
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· About the Author: The above Real Estate information on the pros and cons of a reverse mortgage was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at [email protected] or by phone at 508-625-0191. Bill has helped people move in and out of many Metrowest towns for the last 29+ Years.