why do a reverse mortgage

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American Pacific Reverse Mortgage Group – If you are at least 62 years old and own your own home, a reverse mortgage may be a useful financial tool. There are no limitations to how you use the money, so you can cover medical expenses, fund education for your grandchildren, or any other reason.

what credit do i need to buy a house I’m a “church leader” who doesn’t really go to church – Bought a house. There’s no picket fence, but I did buy. I do give financially. We pledge to one of the churches we visited early on, one we were hopeful about for a time. I teach stewardship, after.

Taking out a reverse mortgage is almost never a good idea – here’s why – If you die, you never pay back the loan. Your estate does. And your estate won’t have to pay more than the value of the house. When you take out a reverse mortgage, you can take the money as a lump.

What Happens to a Reverse Mortgage After. – NewRetirement – Who to Contact When the Reverse Mortgage Loan Becomes due. maintaining regular communication with the borrower’s reverse mortgage servicer is imperative during this process.

Here’s why some financial advisors aren’t allowed to discuss reverse mortgages – “At the core designations, licenses and registrations do not include housing wealth in their curriculum or testing so financial planners come into a practice without any information on reverse.

5 Reasons not to get a Reverse Mortgage Why Forward Lenders Aren't Offering Reverse Mortgages. – There are several concerns among lenders when it comes to the decision to offer reverse mortgages, new research from the stratmor group finds. In survey results presented earlier this month at ReverseVision’s UserCon in San Diego, a number of forward mortgage lenders ranked four primary reasons why their companies do not offer reverse mortgages.

A reverse mortgage, also known as the home equity conversion mortgage (HECM) in the United States, is a financial product for homeowners 62 or older who have accumulated home equity and want to use this to supplement retirement income. Unlike a conventional forward mortgage, there are no monthly mortgage payments to make.

10 things you should know about reverse mortgages – CBS News – Why do people take out reverse mortgages? Photo courtesy of Shutterstock Many borrowers take out a reverse mortgage to pay down and eliminate their monthly payments on their existing mortgages.

How Does a Reverse Mortgage Work? | NewRetirement – If you take your reverse mortgage loan as a line of credit, then you do not pay interest on the money that is available to you and the money in the line of credit.

percent down on house How Much House Can I Afford? | Buying A House | U.S. Bank – A standard rule for lenders is that your monthly housing payment (principal, interest, taxes and insurance) should not take up more than 28 percent of your income.