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9 Reasons to Take a New Look at Reverse Mortgages

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Here’s a look at some of the most common reasons a senior homeowner would want to take out a reverse mortgage: To pay off debt. – A reverse mortgage can provide you with additional monthly income, which is drawn from your home’s equity. That money can be used to pay off other debts that are becoming burdensome and making it difficult for you to afford your day to day living expenses.

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 · 4 Reasons Why You Should give reverse mortgages Another Look. That’s a big savings, over the life of the loan. On October 4, a new loan was introduced called the HECM Saver. The interest rate is a little higher, probably because the loan is new, says Peter Bell, president of the national reverse mortgage Lenders Association.

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 · Reverse mortgages are a type of home equity loan for homeowners 62 years and older. If you have been thinking about getting a reverse mortgage, here are 9 new reasons to take a fresh look at the program. 1. You Are Protected in a Natural Disaster Floods. Fires. Earthquakes. It.

 · Don’t take out a reverse mortgage if you plan on leaving the home soon. Since the upfront costs of a reverse mortgage can be so high, it doesn’t make sense to get one if you’re going to leave the house in a few years. If you are, it’s probably better to get a conventional home equity loan, or second mortgage.

New regulations were put in place in September 2013 to protect consumers, but it’s still up to them to know exactly what they are getting into when they take. are many reasons people would tap the.

Home buyers and mortgage shoppers have new reason. ll look worse. It doesn’t matter because we can’t predict that far out. What we do know, based on past cases of collapsing yields, is that it.