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"If you get a reverse mortgage and have enough breathing room to handle expenses and put money in the bank for emergencies, you should do it." If not, "you should not get a reverse mortgage.
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Two seniors explain why they got a reverse mortgage. mike Ryan liked what a reverse mortgage could give him: the ability to take equity out of the house, tax-free and with no monthly payments.
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If you’re of retirement age and want to supplement your income, you may want to consider a Home Equity Conversion Mortgage.
Without a plan, it can be destructive.” Here’s what you should know. Perhaps the best way to understand a reverse mortgage is to compare it to a regular mortgage. Both are loans backed by your house.
What Is A Reverse Mortgage And Should I Get One? This page or article may contain affiliate links. Please read our Disclosure and Disclaimer. for more information.. We are a participant in the Amazon Services LLC Associates Program, designed to provide a means for us to earn fees, at no additional cost to you.
Many retirees in need of fast cash are asking themselves, "Should I get a reverse mortgage?" If you’re in this boat, it may be interesting for you to know that reverse mortgages have actually been around since the 1960’s, and for the first 4 decades of their existence represented only a small handful of mortgage originations in the US.
Should you wait to get a reverse mortgage until you actually need it? Waiting can be a loser’s game. Folks, I hope it’s clear that waiting to get a reverse mortgage can be a loser’s game. The pundits and commentators mean well, but their advice to wait is often based on a flawed or incomplete understanding of the reverse mortgage.
Should You Get a Reverse Mortgage? A reverse mortgage isn’t right for everyone and it does have some drawbacks, but for certain people, it can be a solid solution to retirement income needs.
There are risks to reverse mortgages, so you should do your research, contact a HUD-approved counselor and choose an FHA-approved HECM lender. The FHA doesn’t insure loans from unapproved lenders, so.