What should I think about before applying for a reverse mortgage loan and what should I ask a reverse mortgage counselor? If you are considering a reverse mortgage loan, start by understanding how one works and how it will affect you now and in the future.
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5 Signs a Reverse Mortgage Is a Good Idea. If your reverse mortgage is set up as either a monthly income stream or a line of credit, your spouse might lose access to a source of income he or she was depending on. Also, reverse mortgage proceeds are based on the youngest spouse’s age, whether that person is on the loan or not.
So, yes, a reverse mortgage can be a very good idea – as long as it’s used for the right purpose. What is a Reverse Mortgage? The most common reverse mortgage in the United States is the FHA-insured and regulated home equity conversion mortgage, or HECM (often pronounced heck-um by industry insiders).
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A reverse mortgage allows a retired homeowner to tap into the equity of a paid off home. In the right circumstances, a reverse mortgage can be a source of badly-needed cash in an individual’s.
A reverse mortgage could be good idea if you’re "house rich but cash poor"-in other words, you own your home outright (or have paid off the bulk of your mortgage), but don’t have much cash-flow If you have a significant amount of home equity, but not a whole lot of ready cash in your bank account, it could make sense to utilize your available resources by tapping into that equity.
If there is doubt about the affordability of the home, downsize to a more affordable home first before considering a reverse mortgage. experts say the ideal candidate for a reverse mortgage is someone who plans to live in their home until death. They are in good health, in their later 60s or older, and have life expectancies of 15 or more years.
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"One reason you would want a reverse mortgage is that you’re in need of income or assets that you cannot get from anywhere else." A reverse mortgage is also not a good idea for older homeowners.