http://www.HudReverseMortgageCalculator.com - Find out the pros and cons of getting a reverse mortgage. Are they safe? Will I lose my house? What about my heirs? Do I still own my home? What happens after I die? Can I sell my house if I change my mind? There are definitely pros and cons to getting a reverse mortgage. Each individual's situation and motivation is unique. Only you can decide if a reverse mortgage is right for you...But, you need to know the facts before you can make an informed decision. Speak to a Reverse Mortgage professional today. Get a free consultation and a quote to see how much money you qualify for. 888-269-1098
1. Reverse Mortgage Pros and Cons
Pros
Eliminate your existing mortgage balance without
the obligation of making monthly payments on the
reverse mortgage. Live in your home mortgage
free for life.
Have more disposable monthly income or get cash
as needed.
The money you receive is TAX-FREE and does
not affect SS or Medicare benefits. See IRS ruling
here.
You are still the owner of your home and retain
title.
Never repay the loan as long as you live in your
home.
You can still leave your home to your kids or heirs.
Reverse Mortgages are Non-Recourse loans,
which means the house stands alone for the
debt…NOT your heirs or estate.
No Income, Credit or Health qualifications to be
approved.
Cons
Reverse Mortgages generally have higher closing
costs than traditional home loans. This is primarily
due to the government backed insurance and
guarantees that protect you and your heirs during
the term of the loan.
Low income and means tested assistance
programs, such as SSI and Medicaid can be
negatively affected if you take too much money
through a reverse mortgage. Always check with
the benefits administrator of the assistance
program you participate in before you apply for
this loan. Reverse Mortgage payouts can usually
be structured so that you don’t become
disqualified for programs you currently benefit
from.
Reverse mortgages defer monthly principal and
interest payments until you pass away or
permanently move out of your home. This means
that the mortgage is negatively amortizing…the
loan balance grows larger the longer you have it.
Consequently, there will be less equity for your
heirs at the time the home is sold or refinanced.
You must continue to maintain your home, pay
your property taxes, homeowner’s insurance