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9 Reasons to Take a New Look at Reverse Mortgages

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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 has been a rough few months.

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9 Reasons to Take a New Look at Reverse Mortgages Been thinking about getting a reverse mortgage? Here are 9 great new reasons to take a fresh look at this program. #’s 1 and 7 will surprise you!

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A reverse mortgage explained. You can receive the money in different ways, too, either in a lump sum, equal payments over a fixed period of months or years (or until your death), as a line of credit to be tapped whenever you want, or as a combination of these options. You have to be 62 or older to qualify.

How do reverse mortgages work? When you have a regular mortgage, you pay the lender every month to buy your home over time. In a reverse mortgage, you get a loan in which the lender pays you. Reverse mortgages take part of the equity in your home and convert it into payments to you – a kind of advance payment on your home equity.

Reverse mortgages also tend to come with high fees and interest rates. You’ll need to shop around to find the best rates and loan terms. Before deciding whether you should take out a reverse mortgage, it’s also important to consider whether you can pay for things like property taxes and homeowners insurance premiums. If you fall behind on.

"A reverse mortgage allows homeowners, age 62 or older, who either own their own property or have a small mortgage balance, to use the equity in their home as the basis for a new loan. look at.

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