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RSS FeedReverse Mortgage Good Idea? |
Are Reverse Mortgages Good?
There has been postcards in mailboxes all over our neighborhood in Summerlin Las Vegas. It starts our talking about a "NEW" goverment program that protects seniors. It offers you to respond to the Senior Information Processing Center. Never once in the add does it mention Reverse Mortgages, but doing a little investigation that is exactly what it was.
Reverse Mortgages can be a good thing. It can offer a senior money to pay off their exsisting mortgage, repair their home, have more income and have a better lifestyle. Reverse Mortgage's afford you to still be the owner of your home, do not affect social security, there are no tax consquences.
That being said at some point this loan has to be paid back. As soon as you either pass or sell the house everything comes due. The debt at the time includes everything that they have sent you, plus interest, plus you original closing costs. If you have passed your heirs will get what is left over. If you can no longer live in the house and are going into assisted care what is left over is what will be available to contribute to that care.
Depending on your circumstances a Reverse Mortgage can be a good deal. Make sure you get all of the facts. Here is a good webite you can get information. Also AARP has a lot of information.
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